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Our Company We believe that we are the largest live entertainment company in the world, connecting over 805 million fans across all of our concerts and ticketing platforms in 55 countries during 2025. We believe we are the largest producer of live music concerts in the world, based on total fans that attend Live Nation events as compared to events of other promoters, connecting 159 million fans…
Operating margin is thin at 4.96%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 8.8%, steady but not accelerating. Free cash flow declined 69% despite revenue growth, conversion is weakening.
Free cash flow declined 69% versus the prior year, cash generation momentum has weakened. Net debt of $3.31B represents 9.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$25.61B
▲ +8.8% YoY
Net Income (TTM)
$84M
▼ -44.7% YoY
Op. Margin
2.99%
▲ +1.4pp YoY
ROIC
4.79%
▲ +1.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.21B
▼ -69.1% YoY
Op. Cash Flow (TTM)
$2.41B
▼ -19.1% YoY
Net Debt
$1.51B
Cash & Equiv.
$9.08B
5Y CAGR: +68.4%
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