First-quarter revenue at Live Nation came in at $3.8 billion, up 12% from a year ago, beating the $3.57 billion analysts had projected, per Reuters, as demand for concerts and live events remained strong.
The concert promoter sold over 107 million tickets through April, up 11%, even as a $450 million legal accrual pushed the company to an operating loss
Mario Tama / Getty Images
First-quarter revenue at Live Nation came in at $3.8 billion, up 12% from a year ago, beating the $3.57 billion analysts had projected, per Reuters, as demand for concerts and live events remained strong.
A $450 million legal accrual drove the quarter into an operating loss of $371 million. Excluding that charge, adjusted operating income climbed 9% to $371 million. On a per-share basis, the loss widened to $1.85, against 32 cents in the year-earlier period.
Through April, fans had purchased more than 107 million tickets to 2026 Live Nation events, a figure the company said represents an 11% gain from the same point last year. More than 85% of large-venue shows for the full year have been booked, with show counts up across stadiums, arenas, and amphitheaters.
Revenue from the concerts segment rose 12% to $2.8 billion. Ticketing revenue climbed 10% to $765 million, while sponsorship and advertising revenue grew 20% to $259 million. Event-related deferred revenue reached $6.6 billion, up 22% and described by the company as the largest such balance in its history.
CEO Michael Rapino highlighted the booking pace in a statement: "We have already booked over 85% of our large-venue shows for the year, with show counts up year-over-year across stadiums, arenas, and amphitheaters."
Live Nation maintained its guidance for double-digit full-year adjusted operating income growth, while warning that the $450 million accrual will weigh on reported operating income for the year.
The results arrive as Live Nation faces significant legal pressure. Jurors in New York ruled last month that Live Nation had unlawfully cornered two markets: ticketing at more than 200 major concert venues, and the booking of large amphitheater shows by touring artists. The jury also found that fans were overcharged by $1.72 per ticket. A separate bench trial will determine financial penalties and potential remedies, including whether Live Nation could be required to sell Ticketmaster. The states pursuing the case are seeking damages of up to $700 million.
Separately, Live Nation agreed earlier this month to pay $9.9 million to settle a Washington, D.C. consumer protection investigation into deceptive ticket pricing practices, with up to $8.9 million to be refunded to customers. The investigation found the company had advertised artificially low ticket prices while disclosing mandatory fees only at checkout for at least a decade.
Live Nation said cash and cash equivalents stood at $9.1 billion at the end of the quarter, up from $7.2 billion a year earlier, with free cash of $1.7 billion.
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