Live Nation Reports $8.5B In Revenue For Record Q3, Expects Global Gains

Live Nation Entertainment reported third quarter revenues of $8.5 billion, a record and up 11% against the same period in 2024.

Despite the record — it surpassed the previous mark set in Q3 2023 with $8.15 billion — it was a slight miss, with Zack’s setting the consensus expectation at $8.64 billion.

On the bottom line, the company reported operating income of $793 million. An earnings per share of $0.73 is a miss; Zack’s set the consensus at $1.37.

Live Nation is expecting a strong close to 2025, with stadium show count up 60% against 2024, per-fan spending up at owned-and-operated amphitheaters and festivals and ticket sales running ahead of last year for the coming indoor concert season. The live entertainment giant expects fan count to approach 160 million for the full year and for the first time, a majority of those will be at overseas events as the global market continues strong growth.

“Strong fan demand drove another record quarter, as we continue to attract more fans to more shows globally. With these tailwinds, 2026 is off to a strong start with a double-digit increase in our large venue show pipeline and increased sell-through levels for these shows,” president and CEO Michael Rapino said. “At the same time, we’re continuing to invest in new venues to grow the market, create jobs, and give artists even more ways to reach fans, positioning Live Nation on a clear path for double-digit operating income and AOI growth this year and compounding at this growth level over the next several years.”

In the concerts sector, revenues were up 11% to $7.3 billion. Strong increases over 2024 were seen in stadiums, where Live Nation reported double-digit percentage gains in all major markets. Global growth — particuarly in Europe and Mexico — also boosted the sector. The company expects accelerated growth in Q4 as the arena, theater and club segments are pacing ahead of 2024.

On the venue side, fan spending was up 8% at amphitheaters and 6% at large festivals. Of note: non-alcoholic beverage spending was up 20% year-over-year in what is traditionally the outdoor season in the Northern Hemisphere. Live Nation continues to emphasize increased spending at its renovated venues — per-caps are up $5 at Jones Beach Amphitheater, for example and tripled at Estadio GNP in Mexico City. The company expects to add 5 million fans through 3,000-cap-and-above venues opening through 2026.

Ticketmaster revenues increased 15% to $798 million in Q3. Gross ticket value on fee-bearing tickets was up 7%, driven by 16% growth in international markets; secondary GTV continues to slide — off about 1% — with slower traffic from sports tickets.

Sponsorship revenues increased 13% to $443 million.

Looking forward, Live Nation says it has already sold 26 million tickets for 2026 and deferred revenues are on the event side are up 37% to $3.5 billion and at Ticketmaster, up 30% to $231 million. The large venue pipeline is up double digits for 2026 with nearly 75% of expected show count committed or with an offer submitted; grosses are also up double-digits for 2026 events.