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Live Nation Entertainment, Inc. LYV reported fourth-quarter 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
Live Nation reported steady performance, supported by strong global touring demand, rising fan engagement and expanding venue infrastructure. Management stated that strengthening connections between artists and global audiences, alongside expansion into international markets, underpinned another year of strong performance. It emphasized that targeted investments in premium venues and production capabilities are enhancing artist experiences while supporting long-term earnings visibility.
Following the results, the company's shares gained 3.5% in the after-hours trading session yesterday.
The company reported an adjusted loss per share of $1.06, narrower than the Zacks Consensus Estimate of a loss of $1.08. In the year-ago quarter, it reported an adjusted earnings per share of 56 cents.
Live Nation Entertainment, Inc. price-consensus-eps-surprise-chart | Live Nation Entertainment, Inc. Quote
Revenues of $6.31 billion beat the consensus mark of $6.07 billion. The top line increased 11% year over year on a reported basis.
Concerts: The segment’s fourth-quarter revenues totaled $5.15 billion, up 12% year over year. Adjusted operating loss came in at $192.3 million, compared with a loss of $213.2 million reported in the prior-year quarter.
Ticketing: Segmental revenues amounted to $846.2 million, up 1% from the prior-year quarter. Adjusted operating income was $305.3 million, down 2% from $311.2 million reported in the prior-year quarter.
Sponsorship & Advertising: Revenues from this segment totaled $329.9 million, up 17% from the year-ago quarter’s figure. Adjusted operating income of $168.6 million was up 24% year over year.
Live Nation's cash and cash equivalents, as of Dec. 31, 2025, totaled $7.09 billion, up from $6.1 billion as of Dec. 31, 2024. At the end of the fourth quarter, goodwill was $2.89 billion compared with $2.62 billion at the end of 2024. Net long-term debt as of Dec. 31, 2025, was $7.61 billion, compared with $6.18 billion as of Dec. 31, 2024.
For the 12 months ended Dec. 31, 2025, net cash provided by operating activities was $1.39 billion compared with $1.73 billion reported in the year-ago period. As of the said time frame, adjusted free cash flow was $1.29 billion, slightly up from $1.15 billion in the year-ago period.
In 2025, revenues increased 9% year over year to $25.2 billion, while operating income jumped 52% year over year to $1.3 billion. Adjusted operating income (AOI) rose 10% year over year to $2.4 billion. Concerts remained the primary growth driver, with a record AOI of $687 million and margins reaching 3.3%. Global attendance climbed 5% year over year to 159 million fans, supported by stronger stadium activity and international markets. Sponsorship AOI advanced 11% year over year to $845 million, and ticketing gross transaction value rose 9% year over year to $26 billion.
Looking ahead, Venue Nation is projected to host more than 70 million fans in 2026, representing high-single- to low-double-digit growth year over year. Large venues scheduled to open through construction and acquisitions are expected to add 5 to 7 million incremental fans annually once fully ramped, with more than half located outside the United States. Planned additions include two U.S. amphitheaters, a new stadium in Mexico, and arena acquisitions across Europe and Latin America, including La Défense.
Pre-opening costs for venues currently under development are projected at approximately $50 million in 2026. Properties opening that year are expected to reach run-rate annual AOI levels by 2029, also targeting returns above 20%.
Management expects sponsorship AOI growth in 2026 to be driven largely by continued expansion of the global venue portfolio and rising demand for festival partnerships, supported by brands seeking broader access to live audiences.
Capital expenditures for 2026 are projected to be between $1.1 billion and $1.2 billion, with roughly $800 million to $850 million allocated to venue development and upgrades. Funding support from joint-venture partners, sponsorship agreements and other sources is expected to reduce venue investment cash requirements by about $250 million.
On the cost side, depreciation and amortization expense is forecast to increase about 10%, while net interest expense is expected to total roughly $280 million. Tax expense is projected at 15-20% of AOI, with cash taxes estimated at about 80% of that level due to timing differences and tax benefits across markets. Share count is not expected to change materially from 2025 levels.
Live Nation currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hilton Worldwide Holdings Inc. HLT reported fourth-quarter 2025 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.
Hilton’s fourth-quarter 2025 results were supported by steady demand trends, year-over-year RevPAR growth and continued expansion of its global footprint. The company added new hotels during the quarter and delivered strong net unit growth while maintaining a robust development pipeline that provides solid long-term visibility. Continued expansion of its luxury and lifestyle portfolio, along with new brand launches such as the Apartment Collection by Hilton, also contributed positively to overall performance.
Marriott International, Inc. MAR reported fourth-quarter 2025 results, with adjusted earnings missing the Zacks Consensus Estimate and revenues beating the same. The top and bottom lines increased on a year-over-year basis.
Marriott delivered steady performance, supported by resilient rooms’ growth, pricing strength and continued development momentum. Global RevPAR posted modest growth, led by stronger international markets, while luxury properties continued to outperform on the back of healthy demand and favorable rates. Despite relatively stable performance in the United States & Canada, Marriott maintained a premium RevPAR compared with peers, reflecting the strength of its diversified brand portfolio and asset-light business model.
Hasbro, Inc. HAS reported fourth-quarter fiscal 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased year over year.
Hasbro’s management highlighted a strong 2025, with it returning to growth on the back of disciplined execution and the “Playing to Win” strategy. Leadership emphasized broader fan engagement, new partnerships and meaningful progress toward becoming a more digital and IP-focused business, setting a confident tone for Hasbro for 2026.
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This article originally published on Zacks Investment Research (zacks.com).
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Live Nation Reports Growing Annual Concert Attendance as Federal Antitrust Trial Looms
LYV
The Wall Street Journal
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