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Live Nation reported Q3 FY2026 revenue of $10.1 billion, up 18.9% from $8.5 billion a year earlier. Diluted earnings per share rose to $1.69 from $0.73. The company reported an operating margin of 8.83%, compared with 9.32% a year earlier, and free cash flow of −$861.0 million, compared with −$371.3 million.
The filing said Concerts accounted for over 90% of revenue growth, as international fan counts increased and stadium, amphitheater and arena activity rose globally. Concerts revenue grew to $8.7 billion from $7.3 billion, while quarterly fan count increased to 61.1 million from 51.3 million. The filing also attributed Concerts revenue growth to more shows, newly opened venues and acquisitions.
Live Nation said Ticketing revenue rose to $870.3 million from $797.6 million as more concert events drove primary ticket sales. Sponsorship & Advertising revenue increased to $505.7 million from $442.7 million, driven by the Rock in Rio festival and venue sponsorship expansion. For the first nine months, the filing attributed a decline in operating income primarily to governmental investigations and litigation, including a $450 million accrual.
| Q3 FY2026 | Q3 FY2025 | Change | |
|---|---|---|---|
| Revenue | $10.1 billion | $8.5 billion | 18.9% |
| Diluted EPS | $1.69 | $0.73 | 131.5% |
| Gross margin | 19.2% | 21.1% | −1.9 percentage points |
| Operating margin | 8.83% | 9.32% | −0.5 percentage points |
| Free cash flow | −$861.0 million | −$371.3 million | — |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Revenue | $7.7 billion | $7.5 billion | Beat by 1.80% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
On Live Nation’s Q2 2026 call, CFO Joe Berchtold said the company had raised its full-year expectations for fan growth, revenue and adjusted operating income, with margin expansion to follow. He said international fan growth had supported the first half, while stadium availability had affected the U.S. business in Q2 and the early part of Q3.
Berchtold said shows had been booked and confirmed, and that deferred revenue gave him confidence in the second-half schedule. He said faster fan growth at operated venues than at third-party venues was the foundation for expected margin expansion.
On Ticketmaster, Berchtold said the company had raised its full-year adjusted operating income growth expectation to mid-single digits at the time of the call. He attributed fee-bearing ticket growth in the U.S. largely to more activity and utilization at arenas and stadiums. Internationally, he said additional shows, market entries and venues could expand the marketplace available to Ticketmaster.
Discussing amphitheaters, Berchtold said attendance had risen by double digits in the first half and that on-site spending per person was up across the board. He said Live Nation had introduced lower-cost food and beverage offerings alongside premium products.
On investment, Berchtold said the company had completed three arena acquisitions during the year: Impact Arena in Bangkok, ForumNet in Milan and Movistar in Buenos Aires. He said construction and acquisitions were on track to add capacity for about 15 million fans across 2026 and 2027.
CEO Michael Rapino said Live Nation uses partners to reach more ticket buyers and views sponsors as distribution partners. In Japan, he said the company had a small market share and intended to develop its local business alongside global tours, venues and ticketing.
Guidance
Live Nation now expects high-single-digit Ticketing adjusted operating income growth for FY2026. On the Q2 call, Berchtold had raised the full-year expectation to mid-single digits.
The company also now expects to welcome nearly 180 million fans in 2026 and expects Venue Nation attendance to exceed 75 million.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| Capex | FY2026 | $1.1 billion | $1.1 billion | Held |
| Free cash flow, Adjusted Conversion From Aoi | FY2026 | Live Nation expects adjusted operating income to adjusted free cash flow conversion to exceed the prior year’s level in FY2026. | — | — |
| Operating income, Ticketing Adjusted Growth | FY2026 | Live Nation expects high single-digit adjusted operating income growth in Ticketing for FY2026. | — | — |
| Operating income, Sponsorship Adjusted Growth | FY2026 | Live Nation expects double-digit adjusted operating income growth in Sponsorship for FY2026. | — | — |
| Customers, New Or Acquired Large Venues | FY2026 | 5,000,000 | — | — |
| Units, Large Venues Opened Or Acquired | FY2026 | 10 | — | — |
| Operating income, Concerts Adjusted Growth | FY2026 | Live Nation expects double-digit adjusted operating income growth in Concerts for FY2026. | — | — |
| Customers, Venue Nation | FY2026 | 75,000,000 | — | — |
| Customers | FY2026 | 180,000,000 | — | — |
| Operating income, non-GAAP | FY2026 | Live Nation expects adjusted operating income to grow double digits in FY2026. | — | — |
| Customers, Venue Capacity | FY2026-FY2027 | 15,000,000 | — | — |