Live Nation Entertainment (LYV) Financials

$165.62 +3.15 (+1.94%)

As of 03:58 PM Eastern

Annual Income Statements for Live Nation Entertainment

This table shows Live Nation Entertainment's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-91	-33	-47	-98	-18	70	-1,725	-651	266	557	896
Consolidated Net Income / (Loss)	-104	-16	20	7.77	90	118	-1,828	-609	375	704	1,131
Net Income / (Loss) Continuing Operations	-104	-16	20	7.77	90	118	-1,828	-609	375	704	1,131
Total Pre-Tax Income	-100	6.35	48	-9.38	131	185	-1,857	-611	491	913	739
Total Operating Income	7.16	131	195	91	273	325	-1,653	-418	722	1,085	825
Total Gross Profit	1,947	2,049	2,187	2,505	2,820	3,081	459	1,912	4,334	5,476	5,827
Total Revenue	6,867	7,246	7,826	9,687	10,788	11,548	1,861	6,268	16,681	22,726	23,156
Operating Revenue	6,867	7,246	7,826	9,687	10,788	11,548	1,861	6,268	16,681	22,726	23,156
Total Cost of Revenue	4,920	5,196	5,639	7,182	7,968	8,467	1,402	4,356	12,348	17,251	17,328
Operating Cost of Revenue	4,920	5,196	5,639	7,182	7,968	8,467	1,402	4,356	12,348	17,251	17,328
Total Operating Expenses	1,940	1,918	1,992	2,414	2,547	2,756	2,112	2,330	3,612	4,391	5,003
Selling, General & Admin Expense	1,441	1,520	1,674	2,043	2,150	2,314	1,626	1,915	3,194	3,888	4,464
Depreciation Expense	368	397	319	372	387	444	485	416	450	517	550
Other Special Charges / (Income)	-4.49	0.85	0.12	-0.97	10	-2.37	0.50	-1.21	-32	-14	-11
Total Other Income / (Expense), net	-107	-125	-147	-101	-141	-140	-203	-193	-232	-172	-85
Interest Expense	107	103	121	108	141	158	227	282	278	369	329
Interest & Investment Income	7.77	5.03	-15	6.88	12	21	4.55	93	88	232	140
Other Income / (Expense), net	-8.26	-27	-11	0.12	-12	-3.20	19	-3.69	-41	-35	104
Income Tax Expense	4.63	22	28	-17	41	67	-29	-2.48	116	209	-392
Net Income / (Loss) Attributable to Noncontrolling Interest	-14	17	17	14	30	48	-103	42	108	147	235
Basic Earnings per Share	($0.49)	($0.33)	($0.23)	($0.48)	($0.09)	($0.02)	($8.12)	($3.09)	$0.53	$1.35	$2.77
Weighted Average Basic Shares Outstanding	198.87M	200.97M	202.08M	204.92M	207.44M	210.08M	212.27M	217.19M	224.81M	228.63M	230.12M
Diluted Earnings per Share	($0.49)	($0.33)	($0.23)	($0.48)	($0.09)	($0.02)	($8.12)	($3.09)	$0.52	$1.34	$2.74
Weighted Average Diluted Shares Outstanding	198.87M	200.97M	202.08M	204.92M	207.44M	210.08M	212.27M	217.19M	231.56M	230.98M	236.35M
Weighted Average Basic & Diluted Shares Outstanding	198.87M	200.97M	202.08M	204.92M	207.44M	210.08M	212.27M	217.19M	231.59M	230.80M	233.40M

This table shows Live Nation Entertainment's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-233	-3.17	294	521	-255	-54	298	452	193	23	243
Consolidated Net Income / (Loss)	-202	44	331	581	-253	-43	376	516	271	46	303
Net Income / (Loss) Continuing Operations	-204	44	331	581	-253	-43	376	516	271	46	303
Total Pre-Tax Income	-172	68	373	632	-159	-1.69	456	586	-306	66	420
Total Operating Income	-130	143	386	654	-98	-41	466	640	-244	115	487
Total Gross Profit	989	1,012	1,466	1,857	1,141	1,148	1,615	1,871	1,188	1,127	1,796
Total Revenue	4,291	3,127	5,631	8,155	5,814	3,800	6,023	7,651	5,682	3,382	7,007
Operating Revenue	4,291	3,127	5,631	8,155	5,814	3,800	6,023	7,651	5,682	3,382	7,007
Total Cost of Revenue	3,302	2,116	4,165	6,298	4,672	2,651	4,408	5,780	4,493	2,255	5,211
Operating Cost of Revenue	3,302	2,116	4,165	6,298	4,672	2,651	4,408	5,780	4,493	2,255	5,211
Total Operating Expenses	1,121	869	1,080	1,203	1,239	1,190	1,149	1,231	1,433	1,012	1,309
Selling, General & Admin Expense	987	753	950	1,074	1,111	1,058	1,012	1,098	1,296	865	1,151
Depreciation Expense	131	115	137	131	134	133	138	137	143	149	159
Other Special Charges / (Income)	0.47	0.50	-7.01	-1.58	-5.84	-0.65	-0.78	-3.97	-5.62	-2.20	-0.86
Total Other Income / (Expense), net	-42	-75	-13	-22	-62	40	-9.43	-54	-62	-49	-66
Interest Expense	73	89	82	86	111	81	80	88	80	80	72
Interest & Investment Income	50	44	62	83	42	43	50	22	24	35	42
Other Income / (Expense), net	-19	-30	6.60	-19	7.33	77	21	12	-6.19	-2.95	-36
Income Tax Expense	30	24	42	50	94	41	80	70	-578	20	118
Net Income / (Loss) Attributable to Noncontrolling Interest	30	47	38	60	1.96	12	78	64	78	23	59
Basic Earnings per Share	($1.24)	($0.25)	$1.04	$2.01	($1.45)	($0.56)	$1.05	$1.72	$0.53	($0.32)	$0.41
Weighted Average Basic Shares Outstanding	224.81M	228.16M	228.54M	228.79M	228.63M	229.47M	229.92M	230.37M	230.12M	231.22M	231.85M
Diluted Earnings per Share	($1.14)	($0.25)	$1.02	$1.93	($1.36)	($0.56)	$1.03	$1.66	$0.58	($0.32)	$0.41
Weighted Average Diluted Shares Outstanding	231.56M	228.16M	243.66M	244.16M	230.98M	229.47M	245.00M	245.32M	236.35M	231.22M	234.42M
Weighted Average Basic & Diluted Shares Outstanding	231.59M	229.89M	230.15M	230.33M	230.80M	231.44M	232.11M	232.35M	233.40M	234.09M	234.47M

This table details how cash moves in and out of Live Nation Entertainment's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	83	-79	225	299	549	96	72	2,341	732	619	-133
Net Cash From Operating Activities	292	308	599	624	942	470	-1,083	1,781	1,835	1,363	1,725
Net Cash From Continuing Operating Activities	292	308	599	624	942	470	-1,083	1,781	1,835	1,363	1,725
Net Income / (Loss) Continuing Operations	-104	-16	20	7.77	90	118	-1,828	-609	375	704	1,131
Consolidated Net Income / (Loss)	-104	-16	20	7.77	90	118	-1,828	-609	375	704	1,131
Depreciation Expense	127	134	139	150	185	220	246	223	226	267	300
Amortization Expense	257	274	277	97	100	328	320	305	95	351	356
Non-Cash Adjustments To Reconcile Net Income	157	59	87	312	305	92	137	97	457	223	-4.92
Changes in Operating Assets and Liabilities, net	-144	-143	76	58	260	-288	42	1,764	683	-181	-57
Net Cash From Investing Activities	-392	-291	-426	-328	-497	-691	-224	-567	-785	-696	-854
Net Cash From Continuing Investing Activities	-392	-291	-426	-328	-497	-691	-224	-567	-785	-696	-854
Purchase of Property, Plant & Equipment	-140	-142	-174	-238	-240	-324	-214	-153	-347	-439	-667
Acquisitions	-233	-124	-247	-84	-202	-335	-61	-502	-354	-109	-153
Sale and/or Maturity of Investments	-	-	8.05	9.66	34	15	100	114	24	19	72
Other Investing Activities, net	-19	-24	-14	-15	-89	-47	-49	-27	-107	-167	-107
Net Cash From Financing Activities	226	-44	99	-127	189	329	1,350	1,171	-143	-87	-659
Net Cash From Continuing Financing Activities	226	-44	99	-127	189	329	1,350	1,171	-143	-87	-659
Repayment of Debt	-269	-71	-617	-111	-405	-437	-31	-110	-46	-731	-1,960
Payment of Dividends	-38	-37	-76	-62	-78	-134	-109	-70	-145	-257	-269
Issuance of Debt	515	57	844	61	859	937	1,607	904	122	1,061	1,672
Issuance of Common Equity	-	0.71	0.09	11	4.90	14	5.42	472	15	20	3.00
Other Financing Activities, net	17	6.53	-53	-26	-192	-52	-123	-25	-89	-179	-104
Effect of Exchange Rate Changes	-43	-52	-	-	-	-12	-	-44	-	-	-345
Cash Interest Paid	89	93	97	87	100	104	166	224	181	57	131
Cash Income Taxes Paid	41	44	30	45	60	67	26	16	44	175	254

This table details how cash moves in and out of Live Nation Entertainment's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	664	1,385	139	-1,189	284	270	-100	-909	605	1,062	-99
Net Cash From Operating Activities	907	1,156	491	-892	608	989	412	-721	1,045	1,321	223
Net Cash From Continuing Operating Activities	907	1,156	491	-892	608	989	412	-721	1,045	1,321	223
Net Income / (Loss) Continuing Operations	-202	44	331	554	-225	-43	376	505	282	46	303
Consolidated Net Income / (Loss)	-202	44	331	554	-225	-43	376	505	282	46	303
Depreciation Expense	63	58	70	66	73	71	76	76	78	89	94
Amortization Expense	-129	82	92	-102	279	90	87	84	96	88	90
Non-Cash Adjustments To Reconcile Net Income	285	72	24	223	-96	-51	-34	56	24	36	104
Changes in Operating Assets and Liabilities, net	889	900	-27	-1,632	578	922	-93	-1,441	565	1,061	-367
Net Cash From Investing Activities	-425	-60	-239	-165	-232	-171	-264	-208	-211	-217	-275
Net Cash From Continuing Investing Activities	-425	-60	-239	-165	-232	-171	-264	-208	-211	-217	-275
Purchase of Property, Plant & Equipment	-141	-117	-86	-102	-134	-134	-200	-158	-175	-171	-263
Acquisitions	-236	90	-82	-61	-56	-14	-40	-39	-60	-56	-29
Sale and/or Maturity of Investments	7.92	2.83	5.46	1.26	9.03	2.64	19	1.50	49	9.38	8.41
Other Investing Activities, net	-56	-36	-77	-2.80	-51	-25	-43	-13	-26	0.06	-11
Net Cash From Financing Activities	32	226	-152	-29	-132	-478	-165	-49	34	-173	-325
Net Cash From Continuing Financing Activities	32	226	-152	-29	-132	-478	-165	-49	34	-173	-325
Repayment of Debt	-16	-606	-7.26	-12	-106	-374	-4.01	-6.74	-1,576	-87	-17
Payment of Dividends	-18	-58	-90	-20	-90	-73	-120	-29	-48	-35	-144
Issuance of Debt	117	988	-1.03	1.54	73	0.56	0.32	1.15	1,670	11	52
Issuance of Common Equity	0.68	5.94	8.77	0.77	4.11	0.03	-	2.97	-	4.61	6.65
Other Financing Activities, net	-51	-104	-63	1.23	-14	-32	-41	-18	-12	-67	-222

This table presents Live Nation Entertainment's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	5,968	6,156	6,764	7,504	8,497	10,976	10,589	14,402	16,461	19,030	19,639
Total Current Assets	2,268	2,288	2,674	3,153	3,848	4,193	3,650	6,684	8,160	9,533	9,290
Cash & Equivalents	1,382	1,303	1,527	1,825	2,372	2,470	2,538	4,885	5,606	6,232	6,095
Restricted Cash	-	-	-	3.50	6.66	3.88	8.65	3.06	5.92	7.09	11
Accounts Receivable	419	453	569	725	829	995	487	1,067	1,465	2,025	1,747
Prepaid Expenses	440	496	528	547	598	667	577	655	950	1,148	1,247
Other Current Assets	26	36	50	52	43	57	39	75	132	122	190
Plant, Property, & Equipment, net	695	731	752	886	947	1,118	1,101	1,092	1,488	2,101	2,442
Total Noncurrent Assets	3,005	3,137	3,339	3,466	3,702	5,665	5,838	6,626	6,814	7,395	7,907
Goodwill	1,479	1,604	1,747	1,755	1,823	1,998	2,129	2,591	2,529	2,691	2,621
Intangible Assets	1,052	1,147	1,181	1,098	1,030	1,239	1,225	1,395	1,419	1,539	1,366
Other Noncurrent Operating Assets	474	385	411	613	849	2,427	2,484	2,640	2,865	3,164	3,919
Total Liabilities & Shareholders' Equity	5,968	6,156	6,764	7,504	8,497	10,976	10,589	14,402	16,461	19,030	19,639
Total Liabilities	4,316	4,446	5,068	5,841	6,825	9,062	10,451	14,039	15,697	17,618	17,693
Total Current Liabilities	2,011	2,101	2,460	3,577	3,750	4,108	3,797	6,856	8,303	9,984	9,358
Short-Term Debt	47	42	53	348	82	38	53	585	620	1,134	261
Accounts Payable	732	722	782	1,034	1,127	1,106	830	1,643	1,971	2,134	2,103
Accrued Expenses	676	687	781	1,109	1,245	1,391	894	1,646	2,368	3,031	3,057
Current Deferred Revenue	543	619	805	925	1,228	1,391	1,839	2,775	3,135	3,398	3,721
Other Current Liabilities	12	32	39	161	67	181	179	207	209	287	216
Total Noncurrent Liabilities	2,305	2,344	2,607	2,264	3,075	4,955	6,654	7,183	7,394	7,633	8,335
Long-Term Debt	1,996	2,003	2,260	1,952	2,733	3,271	4,855	5,145	5,283	5,459	6,177
Other Noncurrent Operating Liabilities	112	142	150	174	205	1,505	1,799	2,038	2,110	2,174	2,158
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	169	264	347	245	329	449	272	552	670	860	1,126
Total Equity & Noncontrolling Interests	1,484	1,447	1,350	1,418	1,343	1,464	-134	-188	94	552	819
Total Preferred & Common Equity	1,297	1,237	1,126	1,181	1,099	1,146	-472	-583	-368	-52	173
Total Common Equity	1,297	1,237	1,126	1,181	1,099	1,146	-472	-583	-368	-52	173
Common Stock	2,416	2,431	2,383	2,376	2,270	2,248	2,389	2,900	2,701	2,370	2,062
Retained Earnings	-1,043	-1,075	-1,073	-1,079	-1,019	-949	-2,677	-3,328	-2,971	-2,443	-1,547
Treasury Stock	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87
Accumulated Other Comprehensive Income / (Loss)	-70	-112	-177	-109	-145	-146	-177	-148	-90	27	-335
Noncontrolling Interest	187	210	224	237	244	318	338	394	461	604	646

This table presents Live Nation Entertainment's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	16,461	18,870	19,925	19,141	19,030	20,030	20,454	19,747	19,639	21,827	23,150
Total Current Assets	8,160	10,097	10,777	10,007	9,533	10,428	10,684	9,775	9,290	11,069	11,823
Cash & Equivalents	5,606	6,992	7,129	5,949	6,232	6,502	6,399	5,490	6,095	7,159	7,057
Restricted Cash	5.92	5.47	7.77	6.85	7.09	7.64	11	11	11	9.57	13
Accounts Receivable	1,465	1,657	1,890	2,503	2,025	2,280	2,464	2,694	1,747	1,851	2,465
Prepaid Expenses	950	1,323	1,629	1,425	1,148	1,474	1,672	1,446	1,247	1,725	1,912
Other Current Assets	132	119	122	124	122	164	139	134	190	325	377
Plant, Property, & Equipment, net	1,488	1,887	1,904	1,956	2,101	2,117	2,236	2,376	2,442	2,688	2,949
Total Noncurrent Assets	6,814	6,885	7,244	7,178	7,395	7,486	7,534	7,596	7,907	8,070	8,378
Goodwill	2,529	2,577	2,619	2,654	2,691	2,699	2,664	2,670	2,621	2,703	2,821
Intangible Assets	1,419	1,423	1,496	1,500	1,539	1,541	1,476	1,428	1,366	1,408	1,461
Other Noncurrent Operating Assets	2,865	2,885	3,128	3,024	3,164	3,246	3,395	3,498	3,919	3,959	4,096
Total Liabilities & Shareholders' Equity	16,461	18,870	19,925	19,141	19,030	20,030	20,454	19,747	19,639	21,827	23,150
Total Liabilities	15,697	18,080	18,800	17,440	17,618	18,577	18,896	17,793	17,834	19,718	20,845
Total Current Liabilities	8,303	9,374	10,024	8,752	9,984	11,328	11,627	9,681	9,358	11,518	13,459
Short-Term Debt	620	64	51	51	1,134	1,137	1,137	582	261	480	1,485
Accounts Payable	1,971	1,989	1,965	2,019	2,134	2,127	2,107	2,376	2,103	2,284	2,522
Accrued Expenses	2,368	2,002	2,779	3,315	3,031	2,766	3,359	3,454	3,057	2,446	3,286
Current Deferred Revenue	3,135	5,103	5,026	3,084	3,398	5,025	4,799	3,035	3,721	6,077	5,910
Other Current Liabilities	209	216	203	283	287	273	225	234	216	231	256
Total Noncurrent Liabilities	7,394	8,706	8,777	8,688	7,633	7,249	7,269	8,113	8,475	8,200	7,386
Long-Term Debt	5,283	6,548	6,555	6,546	5,459	5,082	5,081	5,673	6,177	5,929	4,991
Other Noncurrent Operating Liabilities	2,110	2,158	2,222	2,142	2,174	2,167	2,188	2,440	2,158	2,272	2,395
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	670	710	754	836	860	984	1,007	1,024	1,126	1,312	1,378
Total Equity & Noncontrolling Interests	94	79	371	865	552	469	551	930	819	798	928
Total Preferred & Common Equity	-368	-461	-187	222	-52	-115	-43	288	173	106	360
Total Common Equity	-368	-461	-187	222	-52	-115	-43	288	173	106	360
Common Stock	2,701	2,538	2,441	2,414	2,370	2,311	2,243	2,217	2,062	1,908	1,791
Retained Earnings	-2,971	-2,974	-2,681	-2,197	-2,443	-2,455	-2,157	-1,748	-1,547	-1,515	-1,271
Treasury Stock	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87
Accumulated Other Comprehensive Income / (Loss)	-90	-17	59	12	27	36	-123	-175	-335	-281	-152
Noncontrolling Interest	461	540	559	643	604	584	594	642	646	692	568

This table displays calculated financial ratios and metrics derived from Live Nation Entertainment's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.00%	5.52%	8.01%	23.78%	11.36%	7.05%	-83.88%	236.80%	166.11%	36.24%	1.89%
EBITDA Growth	-27.17%	33.74%	17.18%	-43.76%	61.72%	59.33%	-222.82%	109.96%	841.86%	66.36%	-4.93%
EBIT Growth	-100.80%	9,642.49%	76.68%	-50.29%	184.52%	23.53%	-608.14%	74.21%	261.50%	54.18%	-11.55%
NOPAT Growth	-94.87%	-6,602.41%	125.11%	-21.86%	193.53%	10.47%	-657.83%	74.72%	288.50%	51.64%	50.86%
Net Income Growth	-190.02%	84.90%	228.71%	-61.70%	1,062.08%	30.85%	-1,646.20%	66.69%	161.53%	87.89%	60.72%
EPS Growth	-113.04%	32.65%	30.30%	-108.70%	81.25%	77.78%	-40,500.00%	61.95%	116.83%	157.69%	104.48%
Operating Cash Flow Growth	-32.27%	5.37%	94.49%	4.14%	51.01%	-50.11%	-330.61%	264.35%	3.06%	-25.73%	26.57%
Free Cash Flow Firm Growth	-165.47%	-212.80%	111.05%	704.28%	-48.46%	-302.88%	-110.64%	210.13%	-29.82%	-82.31%	615.97%
Invested Capital Growth	7.11%	5.98%	1.24%	-14.06%	-1.18%	30.32%	-9.01%	-51.76%	-12.58%	67.48%	20.99%
Revenue Q/Q Growth	-0.60%	2.33%	-5.64%	12.18%	2.68%	2.55%	-58.76%	64.84%	10.52%	7.18%	-0.66%
EBITDA Q/Q Growth	-25.98%	41.77%	-2.35%	-50.42%	27.88%	34.28%	-39.23%	166.06%	-19.66%	16.55%	-4.18%
EBIT Q/Q Growth	-100.83%	417.42%	0.18%	-63.71%	75.23%	3.52%	-21.58%	38.90%	-5.87%	4.35%	-13.23%
NOPAT Q/Q Growth	-96.03%	-3,005.97%	-25.83%	-62.61%	-36.58%	0.89%	-22.63%	38.67%	-11.77%	-8.74%	80.33%
Net Income Q/Q Growth	-444.82%	90.02%	-48.53%	-91.22%	74.59%	-1.22%	-21.80%	33.11%	-9.60%	-10.83%	77.55%
EPS Q/Q Growth	-5,000.00%	0.00%	0.00%	-1,300.00%	76.32%	0.00%	0.00%	60.49%	-27.78%	-20.24%	230.12%
Operating Cash Flow Q/Q Growth	82.27%	8.49%	35.37%	-30.52%	104.31%	-34.66%	-108.33%	98.23%	8.95%	-17.81%	33.09%
Free Cash Flow Firm Q/Q Growth	10.17%	-51.03%	-15.37%	-16.47%	642.42%	-661.18%	-6.75%	-0.13%	327.83%	-64.98%	166.85%
Invested Capital Q/Q Growth	-6.41%	-11.45%	-11.93%	-14.50%	-23.68%	-4.97%	-10.71%	-8.64%	-40.78%	-24.58%	-21.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.35%	28.28%	27.95%	25.86%	26.14%	26.68%	24.65%	30.51%	25.98%	24.09%	25.17%
EBITDA Margin	5.58%	7.07%	7.67%	3.49%	5.06%	7.53%	-57.42%	1.70%	6.01%	7.34%	6.84%
Operating Margin	0.10%	1.81%	2.49%	0.94%	2.53%	2.81%	-88.83%	-6.67%	4.33%	4.77%	3.56%
EBIT Margin	-0.02%	1.44%	2.35%	0.94%	2.41%	2.79%	-87.81%	-6.73%	4.08%	4.62%	4.01%
Profit (Net Income) Margin	-1.52%	-0.22%	0.26%	0.08%	0.84%	1.02%	-98.21%	-9.71%	2.25%	3.10%	4.88%
Tax Burden Percent	104.64%	-248.21%	42.00%	-82.88%	68.91%	63.86%	98.44%	99.59%	76.36%	77.06%	152.97%
Interest Burden Percent	9,141.03%	6.10%	26.25%	-10.25%	50.35%	57.55%	113.60%	145.00%	72.05%	87.01%	79.65%
Effective Tax Rate	0.00%	348.21%	58.00%	0.00%	31.09%	36.14%	0.00%	0.00%	23.64%	22.94%	-52.97%
Return on Invested Capital (ROIC)	0.22%	-13.68%	3.32%	2.77%	8.85%	8.54%	-44.09%	-15.78%	48.77%	59.27%	64.62%
ROIC Less NNEP Spread (ROIC-NNEP)	-18.47%	30.55%	-4.74%	-6.17%	-12.61%	-5.49%	-86.04%	-35.52%	17.59%	18.29%	16.97%
Return on Net Nonoperating Assets (RNNOA)	-6.55%	12.74%	-2.13%	-2.31%	-3.43%	-1.95%	-134.04%	-226.68%	17.70%	5.43%	2.76%
Return on Equity (ROE)	-6.32%	-0.94%	1.19%	0.46%	5.42%	6.59%	-178.13%	-242.47%	66.47%	64.70%	67.38%
Cash Return on Invested Capital (CROIC)	-6.64%	-19.49%	2.08%	17.89%	10.04%	-17.78%	-34.66%	54.05%	62.19%	8.82%	45.63%
Operating Return on Assets (OROA)	-0.02%	1.72%	2.85%	1.28%	3.25%	3.30%	-15.16%	-3.37%	4.41%	5.92%	4.80%
Return on Assets (ROA)	-1.79%	-0.26%	0.31%	0.11%	1.13%	1.21%	-16.95%	-4.87%	2.43%	3.97%	5.85%
Return on Common Equity (ROCE)	-5.18%	-0.71%	0.83%	0.32%	3.70%	4.13%	-58.51%	509.12%	-56.04%	-12.49%	2.43%
Return on Equity Simple (ROE_SIMPLE)	-8.05%	-1.27%	1.80%	0.66%	8.22%	10.32%	387.43%	104.49%	-101.91%	-1,345.57%	652.84%
Net Operating Profit after Tax (NOPAT)	5.01	-326	82	64	188	207	-1,157	-293	551	836	1,261
NOPAT Margin	0.07%	-4.50%	1.05%	0.66%	1.74%	1.80%	-62.18%	-4.67%	3.31%	3.68%	5.45%
Net Nonoperating Expense Percent (NNEP)	18.69%	-44.23%	8.06%	8.94%	21.47%	14.04%	41.95%	19.74%	31.18%	40.98%	47.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	9.19%	11.70%	17.38%
Cost of Revenue to Revenue	71.65%	71.72%	72.05%	74.14%	73.86%	73.32%	75.35%	69.49%	74.02%	75.91%	74.83%
SG&A Expenses to Revenue	20.99%	20.98%	21.38%	21.09%	19.93%	20.04%	87.39%	30.55%	19.15%	17.11%	19.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.25%	26.47%	25.46%	24.92%	23.61%	23.87%	113.47%	37.18%	21.65%	19.32%	21.61%
Earnings before Interest and Taxes (EBIT)	-1.09	104	184	92	260	322	-1,634	-422	681	1,050	928
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	383	512	600	338	546	870	-1,069	106	1,002	1,667	1,585
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.04	4.02	4.81	7.45	9.39	13.33	0.00	0.00	0.00	0.00	173.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.76	0.69	0.69	0.91	0.96	1.32	8.57	4.29	0.97	0.95	1.30
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	218.55	0.00	0.00	60.43	38.71	33.57
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.46%	0.00%	0.00%	1.65%	2.58%	2.98%
Enterprise Value to Invested Capital (EV/IC)	2.70	2.52	2.73	4.57	5.37	6.14	7.57	23.77	16.62	13.23	15.06
Enterprise Value to Revenue (EV/Rev)	0.91	0.85	0.86	1.01	1.05	1.46	10.17	4.58	1.05	1.03	1.39
Enterprise Value to EBITDA (EV/EBITDA)	16.33	12.08	11.27	28.89	20.75	19.40	0.00	269.55	17.49	14.02	20.31
Enterprise Value to EBIT (EV/EBIT)	0.00	59.38	36.76	106.61	43.51	52.47	0.00	0.00	25.74	22.27	34.68
Enterprise Value to NOPAT (EV/NOPAT)	1,247.57	0.00	82.67	152.49	60.33	81.35	0.00	0.00	31.78	27.96	25.52
Enterprise Value to Operating Cash Flow (EV/OCF)	21.41	20.10	11.30	15.65	12.03	35.92	0.00	16.11	9.55	17.15	18.66
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	131.80	23.62	53.22	0.00	0.00	28.63	24.92	187.94	36.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.24	1.20	1.36	1.38	1.68	1.73	35.39	15.77	7.73	4.67	3.31
Long-Term Debt to Equity	1.21	1.17	1.33	1.17	1.63	1.71	35.01	14.16	6.92	3.87	3.18
Financial Leverage	0.35	0.42	0.45	0.37	0.27	0.35	1.56	6.38	1.01	0.30	0.16
Leverage Ratio	3.53	3.60	3.79	4.25	4.80	5.43	10.51	49.77	27.38	16.31	11.52
Compound Leverage Factor	322.41	0.22	1.00	-0.44	2.42	3.13	11.94	72.17	19.73	14.19	9.17
Debt to Total Capital	55.29%	54.45%	57.69%	58.04%	62.74%	63.36%	97.25%	94.04%	88.55%	82.36%	76.80%
Short-Term Debt to Total Capital	1.28%	1.13%	1.33%	8.77%	1.83%	0.72%	1.06%	9.60%	9.30%	14.17%	3.11%
Long-Term Debt to Total Capital	54.00%	53.32%	56.36%	49.27%	60.91%	62.64%	96.19%	84.43%	79.25%	68.19%	73.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	9.63%	12.61%	14.23%	12.15%	12.77%	14.70%	12.10%	15.52%	16.97%	18.29%	21.14%
Common Equity to Total Capital	35.09%	32.94%	28.08%	29.81%	24.49%	21.94%	-9.35%	-9.56%	-5.51%	-0.65%	2.07%
Debt to EBITDA	5.33	3.99	3.85	6.81	5.16	3.80	-4.59	53.86	5.89	3.96	4.06
Net Debt to EBITDA	1.73	1.45	1.31	1.40	0.80	0.96	-2.21	7.92	0.29	0.21	0.21
Long-Term Debt to EBITDA	5.21	3.91	3.76	5.78	5.00	3.76	-4.54	48.36	5.27	3.27	3.90
Debt to NOPAT	407.47	-6.27	28.25	35.95	14.99	15.95	-4.24	-19.59	10.71	7.89	5.10
Net Debt to NOPAT	131.88	-2.28	9.61	7.36	2.33	4.02	-2.04	-2.88	0.53	0.42	0.26
Long-Term Debt to NOPAT	398.01	-6.14	27.60	30.52	14.55	15.77	-4.20	-17.59	9.58	6.53	4.90
Altman Z-Score	1.69	1.70	1.70	1.97	2.12	2.05	0.21	1.15	1.50	1.90	2.23
Noncontrolling Interest Sharing Ratio	18.08%	24.66%	30.65%	31.32%	31.63%	37.39%	67.15%	309.98%	184.31%	119.30%	96.40%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.13	1.09	1.09	0.88	1.03	1.02	0.96	0.98	0.98	0.95	0.99
Quick Ratio	0.90	0.84	0.85	0.71	0.85	0.84	0.80	0.87	0.85	0.83	0.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-149	-465	51	413	213	-432	-910	1,002	703	124	891
Operating Cash Flow to CapEx	209.31%	216.05%	344.45%	261.51%	392.60%	145.19%	-506.86%	1,165.80%	528.52%	310.75%	258.79%
Free Cash Flow to Firm to Interest Expense	-1.39	-4.52	0.43	3.83	1.51	-2.74	-4.01	3.55	2.52	0.34	2.71
Operating Cash Flow to Interest Expense	2.74	2.99	4.97	5.79	6.68	2.98	-4.78	6.30	6.59	3.70	5.25
Operating Cash Flow Less CapEx to Interest Expense	1.43	1.61	3.52	3.57	4.98	0.93	-5.72	5.76	5.34	2.51	3.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.18	1.20	1.21	1.36	1.35	1.19	0.17	0.50	1.08	1.28	1.20
Accounts Receivable Turnover	16.00	16.62	15.32	14.97	13.88	12.66	2.51	8.07	13.18	13.02	12.28
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	9.80	10.16	10.56	11.83	11.77	11.19	1.68	5.72	12.93	12.66	10.19
Accounts Payable Turnover	6.56	7.15	7.50	7.91	7.37	7.58	1.45	3.52	6.83	8.40	8.18
Days Sales Outstanding (DSO)	22.81	21.96	23.82	24.38	26.30	28.82	145.25	45.22	27.70	28.03	29.73
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	55.63	51.06	48.64	46.14	49.51	48.14	252.01	103.63	53.42	43.43	44.62
Cash Conversion Cycle (CCC)	-32.82	-29.10	-24.82	-21.76	-23.21	-19.32	-106.76	-58.40	-25.72	-15.41	-14.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,314	2,453	2,483	2,134	2,109	2,748	2,501	1,206	1,055	1,766	2,137
Invested Capital Turnover	3.07	3.04	3.17	4.20	5.09	4.76	0.71	3.38	14.76	16.11	11.86
Increase / (Decrease) in Invested Capital	154	138	31	-349	-25	639	-247	-1,294	-152	712	371
Enterprise Value (EV)	6,256	6,187	6,768	9,756	11,330	16,877	18,926	28,679	17,524	23,377	32,194
Market Capitalization	5,239	4,972	5,411	8,803	10,320	15,274	15,954	26,890	16,102	21,558	30,090
Book Value per Share	$6.46	$6.11	$5.54	$5.71	$5.24	$5.36	($2.17)	($2.59)	($1.59)	($0.23)	$0.75
Tangible Book Value per Share	($6.15)	($7.48)	($8.86)	($8.08)	($8.37)	($9.79)	($17.62)	($20.34)	($18.69)	($18.59)	($16.41)
Total Capital	3,696	3,756	4,010	3,963	4,487	5,223	5,047	6,094	6,667	8,005	8,383
Total Debt	2,043	2,045	2,313	2,300	2,815	3,309	4,909	5,731	5,903	6,593	6,438
Total Long-Term Debt	1,996	2,003	2,260	1,952	2,733	3,271	4,855	5,145	5,283	5,459	6,177
Net Debt	661	742	786	471	437	835	2,362	843	291	354	332
Capital Expenditures (CapEx)	140	142	174	238	240	324	214	153	347	439	667
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,078	-1,074	-1,260	-1,905	-2,198	-2,351	-2,640	-4,474	-5,136	-5,556	-5,913
Debt-free Net Working Capital (DFNWC)	304	229	267	-77	180	123	-93	414	476	683	193
Net Working Capital (NWC)	257	187	213	-424	98	85	-147	-172	-144	-451	-68
Net Nonoperating Expense (NNE)	109	-310	62	56	97	89	671	316	177	132	130
Net Nonoperating Obligations (NNO)	661	742	786	471	437	835	2,362	843	291	354	192
Total Depreciation and Amortization (D&A)	384	408	416	246	286	548	566	528	321	617	656
Debt-free, Cash-free Net Working Capital to Revenue	-15.69%	-14.82%	-16.10%	-19.67%	-20.37%	-20.36%	-141.84%	-71.38%	-30.79%	-24.45%	-25.54%
Debt-free Net Working Capital to Revenue	4.43%	3.17%	3.41%	-0.79%	1.67%	1.07%	-5.02%	6.60%	2.85%	3.01%	0.83%
Net Working Capital to Revenue	3.74%	2.58%	2.72%	-4.38%	0.91%	0.74%	-7.89%	-2.74%	-0.86%	-1.98%	-0.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.49)	($0.33)	($0.23)	($0.48)	($0.09)	($0.02)	($8.12)	($3.09)	$0.66	$1.38	$2.77
Adjusted Weighted Average Basic Shares Outstanding	201.50M	202.46M	204.76M	208.17M	210.90M	214.53M	218.05M	224.63M	224.81M	228.63M	230.12M
Adjusted Diluted Earnings per Share	($0.49)	($0.33)	($0.23)	($0.48)	($0.09)	($0.02)	($8.12)	($3.09)	$0.64	$1.37	$2.74
Adjusted Weighted Average Diluted Shares Outstanding	201.50M	202.46M	204.76M	208.17M	210.90M	214.53M	218.05M	224.63M	231.56M	230.98M	236.35M
Adjusted Basic & Diluted Earnings per Share	($0.49)	($0.33)	($0.23)	($0.48)	($0.09)	($0.02)	($8.12)	($3.09)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	198.87M	200.97M	202.08M	204.92M	207.44M	210.08M	212.27M	217.19M	231.59M	230.80M	233.40M
Normalized Net Operating Profit after Tax (NOPAT)	96	93	137	63	195	206	-1,157	-293	527	825	569
Normalized NOPAT Margin	1.40%	1.28%	1.74%	0.65%	1.81%	1.78%	-62.16%	-4.68%	3.16%	3.63%	2.46%
Pre Tax Income Margin	-1.45%	0.09%	0.62%	-0.10%	1.22%	1.60%	-99.76%	-9.75%	2.94%	4.02%	3.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.01	1.01	1.53	0.85	1.85	2.04	-7.21	-1.49	2.44	2.85	2.83
NOPAT to Interest Expense	0.05	-3.17	0.68	0.59	1.33	1.32	-5.10	-1.04	1.98	2.27	3.84
EBIT Less CapEx to Interest Expense	-1.32	-0.37	0.09	-1.36	0.15	-0.01	-8.15	-2.03	1.20	1.66	0.80
NOPAT Less CapEx to Interest Expense	-1.26	-4.55	-0.76	-1.62	-0.37	-0.74	-6.04	-1.58	0.73	1.08	1.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-36.61%	-237.27%	372.81%	796.49%	86.31%	113.37%	-5.94%	-11.45%	38.68%	36.57%	23.81%
Augmented Payout Ratio	-36.61%	-237.27%	372.81%	796.49%	86.31%	113.37%	-5.94%	-11.45%	38.68%	36.57%	23.81%

This table displays calculated financial ratios and metrics derived from Live Nation Entertainment's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	58.73%	73.47%	26.98%	32.52%	35.49%	21.49%	6.97%	-6.17%	-2.27%	-10.99%	16.32%
EBITDA Growth	-798.32%	79.73%	21.84%	-3.58%	221.67%	-20.49%	17.00%	35.62%	-129.44%	47.58%	-2.30%
EBIT Growth	-39.92%	538.85%	25.29%	27.32%	39.15%	-64.06%	23.82%	2.74%	-176.68%	213.53%	-7.46%
NOPAT Growth	-4.36%	389.62%	22.78%	31.37%	24.70%	296.67%	11.88%	-6.44%	-149.64%	377.84%	-8.73%
Net Income Growth	-24.48%	190.27%	45.08%	46.30%	-25.17%	-172.90%	13.55%	-11.31%	207.22%	208.42%	-19.53%
EPS Growth	-21.28%	35.90%	54.55%	38.85%	-19.30%	-112.00%	0.98%	-13.99%	142.65%	42.86%	-60.19%
Operating Cash Flow Growth	19.95%	-3.54%	40.63%	-44.12%	-32.90%	-14.45%	-16.07%	19.20%	71.80%	33.61%	-45.77%
Free Cash Flow Firm Growth	-94.97%	-99.58%	-69.88%	1,672.61%	-1,384.48%	-5,029.40%	-268.78%	385.20%	30.56%	86.53%	101.22%
Invested Capital Growth	-12.58%	26.58%	23.54%	31.50%	67.48%	187.96%	129.88%	15.61%	20.99%	16.05%	25.30%
Revenue Q/Q Growth	-30.27%	-27.11%	80.05%	44.82%	-28.71%	-34.93%	58.53%	27.02%	-25.74%	-40.47%	107.17%
EBITDA Q/Q Growth	-134.58%	945.26%	119.38%	7.75%	-56.37%	224.78%	222.82%	24.90%	-109.47%	477.12%	119.03%
EBIT Q/Q Growth	-129.86%	184.00%	248.29%	61.44%	-114.27%	154.94%	1,099.99%	33.96%	-138.44%	144.63%	302.69%
NOPAT Q/Q Growth	-119.87%	210.51%	270.08%	75.29%	-111.39%	745.05%	4.38%	46.58%	-130.39%	147.07%	335.36%
Net Income Q/Q Growth	-150.89%	126.36%	649.77%	75.47%	-143.54%	82.29%	1,267.79%	37.07%	-47.37%	-82.94%	553.84%
EPS Q/Q Growth	-182.01%	75.49%	508.00%	89.22%	-170.47%	55.08%	294.34%	61.17%	-65.06%	-155.17%	228.13%
Operating Cash Flow Q/Q Growth	246.46%	27.90%	-57.52%	-281.72%	168.18%	62.55%	-58.33%	-274.94%	244.97%	26.42%	-83.09%
Free Cash Flow Firm Q/Q Growth	2,450.56%	-88.30%	2,797.90%	-82.33%	-2,019.90%	53.31%	0.77%	150.80%	-374.75%	80.40%	104.46%
Invested Capital Q/Q Growth	-40.78%	-61.71%	47.22%	293.96%	-24.58%	-36.64%	17.52%	98.14%	-21.07%	-36.85%	26.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.05%	32.35%	26.03%	22.77%	19.63%	30.35%	26.82%	24.45%	20.91%	33.33%	25.63%
EBITDA Margin	-5.00%	8.09%	9.86%	7.33%	4.49%	5.29%	10.78%	10.60%	-1.35%	8.57%	9.06%
Operating Margin	-3.03%	4.57%	6.86%	8.02%	-1.68%	-0.96%	7.73%	8.36%	-4.30%	3.39%	6.95%
EBIT Margin	-3.47%	3.61%	6.98%	7.78%	-1.56%	1.07%	8.08%	8.52%	-4.41%	3.31%	6.43%
Profit (Net Income) Margin	-4.71%	1.41%	5.88%	7.13%	-4.35%	-0.85%	6.25%	6.74%	4.78%	1.37%	4.32%
Tax Burden Percent	117.66%	64.96%	88.83%	92.04%	158.79%	-1,007.73%	82.44%	88.01%	-88.68%	70.14%	72.02%
Interest Burden Percent	115.52%	60.30%	94.91%	99.57%	176.07%	7.88%	93.80%	89.89%	122.18%	59.04%	93.36%
Effective Tax Rate	0.00%	35.04%	11.17%	7.96%	0.00%	1,107.73%	17.56%	11.99%	0.00%	29.86%	27.99%
Return on Invested Capital (ROIC)	-31.29%	147.74%	217.63%	75.88%	-18.99%	289.50%	154.83%	67.92%	-35.71%	43.08%	77.07%
ROIC Less NNEP Spread (ROIC-NNEP)	-50.91%	167.06%	221.29%	73.04%	-76.19%	407.95%	156.98%	61.16%	126.28%	49.60%	89.24%
Return on Net Nonoperating Assets (RNNOA)	-51.23%	-68.52%	-83.29%	38.57%	-22.61%	-122.91%	-42.24%	23.35%	20.55%	-14.62%	-18.12%
Return on Equity (ROE)	-82.51%	79.22%	134.33%	114.45%	-41.60%	166.59%	112.59%	91.27%	-15.17%	28.47%	58.95%
Cash Return on Invested Capital (CROIC)	62.19%	169.48%	121.37%	17.23%	8.82%	-7.12%	-2.89%	13.22%	45.63%	103.15%	74.28%
Operating Return on Assets (OROA)	-3.75%	3.73%	7.37%	9.45%	-1.99%	1.29%	9.53%	10.21%	-5.28%	3.59%	6.99%
Return on Assets (ROA)	-5.10%	1.46%	6.22%	8.66%	-5.58%	-1.02%	7.37%	8.08%	5.72%	1.49%	4.70%
Return on Common Equity (ROCE)	69.57%	-63.26%	-46.53%	6.24%	8.03%	-42.77%	-9.68%	12.73%	-0.55%	-0.07%	4.83%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-109.00%	-323.04%	355.94%	0.00%	-572.93%	-1,624.33%	221.23%	0.00%	1,151.12%	0.00%
Net Operating Profit after Tax (NOPAT)	-91	93	343	602	-69	368	384	563	-171	80	350
NOPAT Margin	-2.12%	2.97%	6.10%	7.38%	-1.18%	9.68%	6.38%	7.36%	-3.01%	2.38%	5.00%
Net Nonoperating Expense Percent (NNEP)	19.62%	-19.32%	-3.66%	2.84%	57.20%	-118.45%	-2.15%	6.76%	-161.99%	-6.52%	-12.16%
Return On Investment Capital (ROIC_SIMPLE)	-1.52%	-	-	-	-0.96%	-	-	-	-2.36%	1.12%	4.73%
Cost of Revenue to Revenue	76.95%	67.65%	73.97%	77.23%	80.37%	69.65%	73.18%	75.55%	79.09%	66.67%	74.37%
SG&A Expenses to Revenue	23.00%	24.09%	16.87%	13.17%	19.10%	27.84%	16.81%	14.36%	22.80%	25.58%	16.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.12%	27.79%	19.17%	14.75%	21.32%	31.31%	19.08%	16.09%	25.22%	29.93%	18.69%
Earnings before Interest and Taxes (EBIT)	-149	113	393	634	-91	41	487	652	-251	112	450
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-214	253	555	598	261	201	649	811	-77	290	634
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	86.19	0.00	0.00	0.00	88.25	173.67	287.54	98.35
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.97	0.90	1.09	0.90	0.95	1.04	0.91	1.09	1.30	1.34	1.49
Price to Earnings (P/E)	60.43	47.26	46.66	31.38	38.71	46.87	41.40	55.94	33.57	31.29	38.52
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.65%	2.12%	2.14%	3.19%	2.58%	2.13%	2.42%	1.79%	2.98%	3.20%	2.60%
Enterprise Value to Invested Capital (EV/IC)	16.62	42.29	36.55	9.07	13.23	22.05	16.91	10.28	15.06	23.51	21.47
Enterprise Value to Revenue (EV/Rev)	1.05	0.95	1.13	1.00	1.03	1.09	0.97	1.19	1.39	1.40	1.55
Enterprise Value to EBITDA (EV/EBITDA)	17.49	12.62	14.96	14.84	14.02	19.04	16.03	16.83	20.31	18.90	22.10
Enterprise Value to EBIT (EV/EBIT)	25.74	21.60	24.98	21.11	22.27	26.74	21.95	26.01	34.68	31.58	37.97
Enterprise Value to NOPAT (EV/NOPAT)	31.78	24.49	28.36	23.17	27.96	36.46	31.06	39.80	25.52	21.40	24.69
Enterprise Value to Operating Cash Flow (EV/OCF)	9.55	9.54	11.25	12.80	17.15	21.30	20.54	21.47	18.66	15.42	19.67
Enterprise Value to Free Cash Flow (EV/FCFF)	24.92	27.88	33.28	59.78	187.94	0.00	0.00	83.40	36.15	24.48	32.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	7.73	8.37	5.87	3.88	4.67	4.28	3.99	3.20	3.31	3.04	2.81
Long-Term Debt to Equity	6.92	8.29	5.83	3.85	3.87	3.50	3.26	2.90	3.18	2.81	2.16
Financial Leverage	1.01	-0.41	-0.38	0.53	0.30	-0.30	-0.27	0.38	0.16	-0.29	-0.20
Leverage Ratio	27.38	28.46	21.07	12.94	16.31	17.35	15.05	10.64	11.52	11.75	11.29
Compound Leverage Factor	31.64	17.16	20.00	12.89	28.72	1.37	14.12	9.57	14.07	6.94	10.54
Debt to Total Capital	88.55%	89.33%	85.45%	79.50%	82.36%	81.06%	79.96%	76.20%	76.80%	75.24%	73.75%
Short-Term Debt to Total Capital	9.30%	0.86%	0.67%	0.61%	14.17%	14.82%	14.63%	7.09%	3.11%	5.63%	16.91%
Long-Term Debt to Total Capital	79.25%	88.47%	84.78%	78.89%	68.19%	66.24%	65.34%	69.11%	73.68%	69.60%	56.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	16.97%	16.89%	16.97%	17.82%	18.29%	20.43%	20.59%	20.29%	21.14%	23.52%	22.15%
Common Equity to Total Capital	-5.51%	-6.23%	-2.42%	2.67%	-0.65%	-1.50%	-0.56%	3.51%	2.07%	1.24%	4.10%
Debt to EBITDA	5.89	4.89	4.55	4.61	3.96	4.62	4.32	3.78	4.06	3.82	3.89
Net Debt to EBITDA	0.29	-0.29	-0.37	0.45	0.21	-0.22	-0.13	0.46	0.21	-0.45	-0.36
Long-Term Debt to EBITDA	5.27	4.84	4.51	4.58	3.27	3.77	3.53	3.43	3.90	3.53	3.00
Debt to NOPAT	10.71	9.48	8.62	7.20	7.89	8.84	8.36	8.94	5.10	4.32	4.35
Net Debt to NOPAT	0.53	-0.55	-0.69	0.70	0.42	-0.41	-0.26	1.08	0.26	-0.51	-0.40
Long-Term Debt to NOPAT	9.58	9.39	8.56	7.15	6.53	7.23	6.83	8.11	4.90	4.00	3.35
Altman Z-Score	1.34	1.34	1.55	1.79	1.70	1.74	1.73	2.03	2.03	1.86	1.95
Noncontrolling Interest Sharing Ratio	184.31%	179.86%	134.64%	94.55%	119.30%	125.67%	108.60%	86.05%	96.40%	100.25%	91.80%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.98	1.08	1.08	1.14	0.95	0.92	0.92	1.01	0.99	0.96	0.88
Quick Ratio	0.85	0.92	0.90	0.97	0.83	0.78	0.76	0.85	0.84	0.78	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	61	7.93	230	41	-780	-391	-388	197	-542	-106	4.74
Operating Cash Flow to CapEx	642.05%	988.87%	573.30%	-871.73%	454.94%	737.67%	206.42%	-456.09%	597.61%	773.61%	84.84%
Free Cash Flow to Firm to Interest Expense	0.83	0.09	2.80	0.47	-7.01	-4.85	-4.85	2.24	-6.78	-1.32	0.07
Operating Cash Flow to Interest Expense	12.46	12.96	5.99	-10.35	5.46	12.26	5.15	-8.20	13.08	16.45	3.10
Operating Cash Flow Less CapEx to Interest Expense	10.52	11.65	4.94	-11.54	4.26	10.59	2.66	-9.99	10.89	14.32	-0.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.08	1.03	1.06	1.21	1.28	1.20	1.18	1.20	1.20	1.09	1.09
Accounts Receivable Turnover	13.18	12.56	11.48	9.44	13.02	11.90	10.94	8.97	12.28	11.01	9.63
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.93	12.11	12.83	13.89	12.66	11.70	11.51	10.76	10.19	9.47	9.15
Accounts Payable Turnover	6.83	6.93	7.52	8.36	8.40	8.66	8.87	7.99	8.18	7.68	7.66
Days Sales Outstanding (DSO)	27.70	29.06	31.80	38.67	28.03	30.68	33.36	40.69	29.73	33.15	37.92
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	53.42	52.64	48.57	43.64	43.43	42.14	41.13	45.70	44.62	47.54	47.64
Cash Conversion Cycle (CCC)	-25.72	-23.58	-16.77	-4.97	-15.41	-11.46	-7.77	-5.02	-14.90	-14.39	-9.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,055	404	594	2,342	1,766	1,163	1,367	2,708	2,137	1,350	1,712
Invested Capital Turnover	14.76	49.82	35.70	10.29	16.11	29.90	24.29	9.23	11.86	18.10	15.41
Increase / (Decrease) in Invested Capital	-152	85	113	561	712	759	772	366	371	187	346
Enterprise Value (EV)	17,524	17,076	21,727	21,232	23,377	25,639	23,105	27,834	32,194	31,721	36,765
Market Capitalization	16,102	16,211	20,945	19,112	21,558	24,362	21,695	25,414	30,090	30,478	35,413
Book Value per Share	($1.59)	($1.99)	($0.82)	$0.96	($0.23)	($0.50)	($0.19)	$1.24	$0.75	$0.45	$1.54
Tangible Book Value per Share	($18.69)	($19.26)	($18.72)	($17.08)	($18.59)	($18.98)	($18.07)	($16.42)	($16.41)	($17.16)	($16.75)
Total Capital	6,667	7,401	7,731	8,297	8,005	7,672	7,776	8,209	8,383	8,518	8,782
Total Debt	5,903	6,612	6,606	6,597	6,593	6,219	6,218	6,255	6,438	6,408	6,476
Total Long-Term Debt	5,283	6,548	6,555	6,546	5,459	5,082	5,081	5,673	6,177	5,929	4,991
Net Debt	291	-386	-530	641	354	-290	-191	754	332	-760	-593
Capital Expenditures (CapEx)	141	117	86	102	134	134	200	158	175	171	263
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,136	-6,211	-6,332	-4,650	-5,556	-6,273	-6,215	-4,824	-5,913	-7,137	-7,220
Debt-free Net Working Capital (DFNWC)	476	787	805	1,306	683	237	194	677	193	31	-150
Net Working Capital (NWC)	-144	723	753	1,255	-451	-901	-943	95	-68	-448	-1,635
Net Nonoperating Expense (NNE)	111	49	12	20	185	400	7.77	47	-442	34	48
Net Nonoperating Obligations (NNO)	291	-386	-530	641	354	-290	-191	754	192	-760	-593
Total Depreciation and Amortization (D&A)	-66	140	162	-36	351	161	163	159	174	178	184
Debt-free, Cash-free Net Working Capital to Revenue	-30.79%	-34.49%	-32.97%	-21.93%	-24.45%	-26.78%	-26.10%	-20.70%	-25.54%	-31.39%	-30.44%
Debt-free Net Working Capital to Revenue	2.85%	4.37%	4.19%	6.16%	3.01%	1.01%	0.82%	2.90%	0.83%	0.14%	-0.63%
Net Working Capital to Revenue	-0.86%	4.02%	3.92%	5.92%	-1.98%	-3.85%	-3.96%	0.41%	-0.29%	-1.97%	-6.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.24)	($0.25)	$1.04	$1.85	($1.45)	($0.53)	$1.05	$1.72	$0.53	($0.32)	$0.41
Adjusted Weighted Average Basic Shares Outstanding	224.81M	228.16M	228.54M	228.79M	228.63M	229.47M	229.92M	230.37M	230.12M	231.22M	231.85M
Adjusted Diluted Earnings per Share	($1.14)	($0.25)	$1.02	$1.78	($1.36)	($0.53)	$1.03	$1.66	$0.58	($0.32)	$0.41
Adjusted Weighted Average Diluted Shares Outstanding	231.56M	0.00	243.66M	244.16M	230.98M	229.47M	245.00M	245.32M	236.35M	231.22M	234.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	231.59M	229.89M	230.15M	230.33M	230.80M	231.44M	232.11M	232.35M	233.40M	234.09M	234.47M
Normalized Net Operating Profit after Tax (NOPAT)	-91	93	337	600	-73	-26	383	559	-175	79	350
Normalized NOPAT Margin	-2.11%	2.98%	5.99%	7.36%	-1.25%	-0.68%	6.36%	7.31%	-3.08%	2.33%	4.99%
Pre Tax Income Margin	-4.01%	2.18%	6.62%	7.75%	-2.74%	0.08%	7.58%	7.66%	-5.39%	1.95%	6.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.05	1.26	4.79	7.36	-0.81	0.50	6.08	7.41	-3.13	1.39	6.25
NOPAT to Interest Expense	-1.25	1.04	4.19	6.98	-0.62	4.56	4.80	6.40	-2.14	1.00	4.86
EBIT Less CapEx to Interest Expense	-3.99	-0.05	3.75	6.17	-2.01	-1.16	3.59	5.61	-5.32	-0.73	2.59
NOPAT Less CapEx to Interest Expense	-3.19	-0.27	3.14	5.79	-1.82	2.90	2.31	4.60	-4.33	-1.12	1.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.68%	31.82%	33.59%	23.48%	36.57%	41.41%	43.06%	48.87%	23.81%	18.99%	22.35%
Augmented Payout Ratio	38.68%	31.82%	33.59%	23.48%	36.57%	41.41%	43.06%	48.87%	23.81%	18.99%	22.35%

Key Financial Trends

Live Nation Entertainment (NYSE: LYV) has shown significant financial development over the last few years through late 2022, 2023, and into mid-2025, with notable trends in revenue growth, profitability, cash flows, and balance sheet stability.

Operating Revenue has demonstrated solid growth from approximately $3.13 billion in Q1 2023 to over $7 billion in Q2 2025, more than doubling in just over two years, indicating strong top-line momentum.
Net Income has rebounded substantially, turning from losses in early 2023 (Q1 2023 net loss attributable to common shareholders around -$3.2 million) to a significant profit of about $243 million in Q2 2025, showing operational improvements.
Gross Profit has improved consistently, reaching $1.8 billion in Q2 2025, highlighting better cost management despite increasing scale.
Cash & Equivalents have generally increased, reaching $7.1 billion in Q2 2025 from $7 billion at the start of 2023, boosting liquidity and financial flexibility.
Operating Cash Flow has strengthened, noted at $223 million in Q2 2025 compared to earlier quarters showing weaker or negative cash flows, reflecting improved operational cash efficiency.
Balance Sheet shows substantial liabilities, with Total Liabilities exceeding $20 billion in recent quarters, and equity remaining relatively low and sometimes negative, indicating high leverage and potential financial risk.
Free Cash Flow trends reveal continued investing in property, plant, and equipment, around $263 million in Q2 2025, which suggests ongoing expansion but also cash outflows that need monitoring.

High levels of debt remain a concern, with long-term debt near $5 billion and total liabilities substantially higher, potentially increasing financial risk and interest burden.
Fluctuating and sometimes negative earnings per share in early 2023 (e.g., -$0.56 in Q1 2023) signal volatility in profitability before the recent improvements, which may impact investor confidence.
Net Cash From Financing Activities has been negative in recent quarters (e.g., -$325 million in Q2 2025), indicating more cash outflow for debt repayment, dividends, or share repurchases than inflows, which could pressure cash reserves.

Summary: Live Nation has shown impressive revenue growth and improving net income leading into 2025, alongside increasing operating cash flow and liquidity. However, the company carries significant debt and liabilities, and its equity position remains constrained. Investors should watch how management continues to handle leverage and expand profitability while funding growth initiatives.

08/22/25 02:58 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Live Nation Entertainment's Financials

When does Live Nation Entertainment's fiscal year end?

According to the most recent income statement we have on file, Live Nation Entertainment's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Live Nation Entertainment's net income changed over the last 10 years?

Live Nation Entertainment's net income appears to be on a downward trend, with a most recent value of $1.13 billion in 2024, falling from -$104.45 million in 2014. The previous period was $703.80 million in 2023. View Live Nation Entertainment's forecast to see where analysts expect Live Nation Entertainment to go next.

What is Live Nation Entertainment's operating income?

Live Nation Entertainment's total operating income in 2024 was $824.51 million, based on the following breakdown:

Total Gross Profit: $5.83 billion
Total Operating Expenses: $5.00 billion

How has Live Nation Entertainment's revenue changed over the last 10 years?

Over the last 10 years, Live Nation Entertainment's total revenue changed from $6.87 billion in 2014 to $23.16 billion in 2024, a change of 237.2%.

How much debt does Live Nation Entertainment have?

Live Nation Entertainment's total liabilities were at $17.69 billion at the end of 2024, a 0.4% increase from 2023, and a 310.0% increase since 2014.

How much cash does Live Nation Entertainment have?

In the past 10 years, Live Nation Entertainment's cash and equivalents has ranged from $1.30 billion in 2015 to $6.23 billion in 2023, and is currently $6.10 billion as of their latest financial filing in 2024.

How has Live Nation Entertainment's book value per share changed over the last 10 years?

Over the last 10 years, Live Nation Entertainment's book value per share changed from 6.46 in 2014 to 0.75 in 2024, a change of -88.5%.

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This page (NYSE:LYV) was last updated on 8/22/2025 by MarketBeat.com Staff

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