Live Nation Entertainment Inc
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+ FollowMarket Cap$41.44B
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Earnings Call Q2 2026
July 30, 2026 - AI Summary
Demand & sell-through look strong for 2H 2026 (good + “surprising” durability)
- CEO Michael Rapino said there are “no consumer issues to-date” and that fan count is up globally >10% year-over-year across international, U.S., clubs, amphitheaters, stadiums, and all geographies.
- Management emphasized record consumer purchasing/consumption: on-site food & beverage is up YoY across owned/operated, and liquor is also up YoY, with no evidence of consumers cutting back on the “two-hour night out.”
- Cancellations are running extremely low: 1.1% cancellations vs. 1.6% historical average, framing it as occasional outlier headline tours (the “1% not the 99%”).
- Outlook stance: management expects 2026 to be another record year, with strong Q3 and Q4 to finish the touring year; additionally, they cited “deferred record levels” for going forward (i.e., demand pipeline).
Concert segment outlook: growth and margin expansion weighted to 2H (forecast + cadence)
- CFO Joe Berchtold reiterated full-year focus: he expects double-digit fan growth driving double-digit revenue and AOI growth, and margin expansion overall.
- Quarter mix: nothing to rely on for margin/financial upside in 1H, because U.S. was impacted by stadium availability entering Q2 into early Q3.
- Timing expectations:
- U.S. fan growth concentrated in 2H: double-digit YoY fan growth expected in both Q3 and Q4.
- International momentum continues: double-digit fan growth in each of Q3 and Q4 internationally.
- Key confidence driver: shows “booked and confirmed” plus deferred revenue at a level giving confidence tickets are “in the bank”; margin expansion also tied to faster growth in operated venues/fan count vs. third-party (structural mix benefit).
Ticketing (Ticketmaster) “turning the corner”: improved growth algorithm + AOI outlook (good)
- Joe Berchtold said the quarter’s Ticketmaster performance increased full-year expectation for Ticketmaster AOI growth to mid-single digits.
- Strategy/growth levers:
- Global concert growth remains the main tailwind.
- U.S.: despite limited new venue additions, Ticketmaster is growing fee-bearing ticket count high single digits so far this year (driven by more activity/utilization).
- International: a double/triple benefit—more shows + more markets + venue expansion—and Ticketmaster positioning as “best in class” technology helps win share (notably mentioned for Latin America and Asia).
- Secondary ticketing: secondary below teens in global GTV share, described as low double-digit portion; concert (primary) is still a small fraction of their focus shift effort (said to be ~5% of global GTV), and management doesn’t see it as a constraint on growth going forward.
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$149.06
17.5% downside
Current Fair Value
17.5% downsideOvervalued by 17.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $41.44 Billion |
|---|---|
| Enterprise Value | $44.75 Billion |
| Earnings per Share | $-0.24 |
| Beta | 1.17 |
| Outstanding Shares | 232,838,912 |
Return
| Return on Equity | 163.61% |
|---|---|
| Return on Assets | 0.48% |
| Return on Invested Capital | 12.79% |
Valuation & Multiples
| P/E Ratio | -161.72 |
|---|---|
| PEG | -771.31 |
| Price to Sales | 1.61 |
| Price to Book Ratio | 60.22 |
| Enterprise Value to Revenue | 1.7 |
| Enterprise Value to EBIT | 32.95 |
| Enterprise Value to Net Income | 332 |
| Total Debt to Enterprise | 0.28 |
| Debt to Equity | 150.42 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$1.51
Consensus analyst estimateRevenue Estimate
$9.60 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 78.26% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 213,000▼ 96.43% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.64%▼ 83.66% |
|---|---|
| Total Invested | $648.07M▼ 98.21% |
| Investors Holding | 267▼ 649.00% |
About Live Nation Entertainment Inc
17,700 employees
CEO: Michael Rapino
Live Nation Entertainment, Inc. functions as a prominent live entertainment firm. Its operations are divided into three core segments: Concerts, Ticketing, and Sponsorship & Advertising. The Concerts segment is responsible for organizing...