The global live entertainment group posted revenue of $25.2 billion, up 9% year-on-year, and operating income of $1.3 billion, up 52%. Adjusted operating income (AOI) reached $2.4 billion, up 10%.
Concerts Division Achieves Best-Ever Margin
The concerts segment delivered revenue of $20.9 billion, up 10%, with AOI rising 30% to $687 million. Margins expanded to 3.3%, marking the division’s strongest performance to date.
Live Nation hosted 159 million fans across 55,000 shows globally, up 5% year-on-year. International markets surpassed the U.S. in total attendance for the first time, while North American stadium attendance more than doubled. The company reported that 20% of fans attending its top 50 tours were there for international acts, reflecting increasingly global demand across genres.
Investment in artists and shows reached nearly $15 billion during the year. Average U.S. stadium grosses grew at double-digit rates, helping offset rising production costs, while entry-level ticket prices across U.S. venue types remained broadly flat compared to 2024, with the majority of tickets priced under $100.
Strong Early Indicators for 2026 Touring Cycle
Live Nation ended 2025 with $4 billion in event-related deferred revenue, up 21%. More than 80% of 2026 large-venue shows are already booked or in the offer stage, pacing ahead of last year globally and up double-digits in North America.
Ticket sales for Live Nation concerts in 2026 are currently running double-digits ahead of the same period last year, with approximately 67 million fans already purchasing tickets. The company also cited strong early festival demand and record-breaking on-sales for major global tours.
Venue Expansion Supports Long-Term Growth
Through its Venue Nation division, Live Nation hosted 65 million fans at operated venues in 2025, up 8%. The company expanded its large-venue portfolio by capacity equivalent to six million additional fans on a run-rate basis and reported increased onsite spending, particularly in food and beverage.
Looking ahead, Venue Nation expects to host more than 70 million fans in 2026. New builds and acquisitions are projected to add five to seven million fans on a run-rate basis, with more than half of the expansion outside the U.S.
Ticketmaster Driven by Concert Momentum
Ticketmaster reported revenue of $3.1 billion, up 3%, with AOI of $1.1 billion and margins remaining in the high 30% range. Concert activity led performance, with fee-bearing concert tickets up 4% and concert gross transaction value (GTV) rising 9%, offsetting softer trends in sports and other third-party categories.
The company added 27 million net new enterprise tickets in 2025, largely driven by international markets. Primary fee-bearing GTV is expected to grow at mid- to high-single-digit rates in 2026, although anti-scalping and bot mitigation measures may have a modest impact on ticketing AOI.
Sponsorship Delivers Double-Digit Growth
The sponsorship and advertising division generated revenue of $1.3 billion, up 11%, with AOI also up 11% to $845 million. Growth was supported by expanded global venue inventory and increased brand partnerships across travel, beverage and financial services sectors. More than 70% of 2026 sponsorship commitments have already been secured.
Cash Flow and Financial Outlook
Live Nation generated $1.4 billion in operating cash flow and $1.3 billion in adjusted free cash flow in 2025, both up double-digits year-on-year. For 2026, the company expects continued strong cash flow conversion alongside further double-digit growth in concert AOI.
With international touring pipelines deepening, venue infrastructure expanding and early ticket demand running ahead of prior years, Live Nation enters 2026 forecasting another year of sustained growth across its global live entertainment platform.
President and CEO Michael Rapino said:
“In 2025, the bond between artists and their global fan bases reached new heights, fueling another year of double-digit growth. As artists continue to unlock untapped markets and headline the world’s most iconic stadiums, we’ve built momentum that carries us into a record-breaking 2026. We’re not just building venues; we’re crafting world-class stages designed to elevate the artist’s vision and their connection to fans. By strategically expanding our global footprint and investing in premium, upgraded infrastructure, we provide the canvas for career-defining performances. This investment doesn’t just drive ticket sales—it revitalizes local economies and cements our venues as cultural anchors. With a deep pipeline of large-scale shows and ticket demand continuing its ascent, we are positioned for another year of double-digit operating income and AOI growth in 2026. Our commitment to being the ultimate partner for artists ensures we are set to compound this double-digit growth for years to come.”
