Live Nation’s third quarter was met with a significant negative response from the market, reflecting investor disappointment as both revenue and GAAP profit fell short of Wall Street’s expectations. Management identified the mix of venue types as a key driver, with robust stadium performance offsetting softness in amphitheaters and arenas. CEO Michael Rapino stated, “This year, we had a few less amphitheater shows…a lot of artists decided not to play or not to play arenas and amphitheaters and go for stadiums.” International strength, particularly in Mexico, Latin America, and Europe, was singled out as supporting overall growth.
Is now the time to buy LYV? Find out in our full research report (it’s free for active Edge members).
Live Nation (LYV) Q3 CY2025 Highlights:
- Revenue: $8.50 billion vs analyst estimates of $8.59 billion (11.1% year-on-year growth, 1% miss)
- Adjusted EPS: $0.73 vs analyst expectations of $1.49 (51% miss)
- Adjusted EBITDA: $1.22 billion vs analyst estimates of $1.03 billion (14.3% margin, 17.5% beat)
- Operating Margin: 9.3%, in line with the same quarter last year
- Events: 12,289, down 545 year on year
- Market Capitalization: $33.29 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Live Nation’s Q3 Earnings Call
- Brandon Ross (LightShed Partners) asked about underperformance in amphitheaters and arenas. CEO Michael Rapino explained this was cyclical, driven by artist choices, and expressed confidence in a rebound next year.
- Stephen Laszczyk (Goldman Sachs) inquired about drivers of concert segment profitability. CFO Joe Berchtold attributed growth to increased stadium events and higher attendance at operated venues, with some offset from fewer amphitheater shows.
- Cameron Mansson-Perrone (Morgan Stanley) questioned international ticketing expansion. Berchtold emphasized the company’s global platform and identified Latin America and Asia as growth priorities.
- David Karnovsky (JPMorgan) sought updates on venue pipeline and fan growth. Rapino pointed to continued progress on new venues and indicated that next year’s pipeline supports sustained double-digit attendance growth.
- Jason Bazinet (Citi) asked about economic sensitivity and consumer behavior. Rapino reported no signs of weakness among lower-end consumers, noting strong demand across all venue types and geographies.
Catalysts in Upcoming Quarters
In the coming quarters, StockStory analysts will watch (1) the pace of international ticketing expansion, especially in Latin America and Asia; (2) the impact of new or reopened venues on fan attendance and per-event profitability; and (3) progress in deploying advanced digital tools, such as identity verification and AI, to combat scalping and improve operational efficiency. Execution on these fronts will be key to sustaining growth and navigating regulatory developments.
Live Nation currently trades at $144, down from $150.76 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free for active Edge members).
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