Live Nation beats third-quarter forecasts as ticket sales rise 13% through October
Full-year attendance is now expected to approach 180 million, and ticketing adjusted operating income to grow by high single digits.
Chart: LYV, one-minute prices, three sessions
Live Nation Entertainment beat forecasts on both profit and sales in the third quarter. Earnings per share were $1.69 on a GAAP basis, $0.13 better than expected. Revenue was $10.11B against $9.69B expected. The results came after the US close, so the shares' reaction is still to come.
Chief executive Michael Rapino said ticket sales are up 13% through October. He added that international markets now surpass the US in both concert attendance and sponsorship revenue.
Guidance follows the same line. Live Nation now expects full-year attendance to approach 180 million and ticketing adjusted operating income to grow by high single digits. It also expects to turn more of its adjusted operating income into free cash flow than it did last year.
The cash matters because of the balance sheet. In October the company refinanced with a notes offering that pushed its debt maturities out to 2032 and raised its borrowing capacity. The refinanced debt carries an average rate near 5.89%. Net interest expense is guided at about $280m for the year, which looks manageable given the cash the business is generating.
That leaves Live Nation funding expansion while it services the debt, with capital spending expected to total nearly $1.1bn this year.
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- · From the wire
Live Nation Entertainment closes its previously announced private offering of $730.0 million of 7.125% senior notes due 2032 and €600.0 million of 6.125% senior notes due 2032, effective October 15, 2026. The company intends to use the net proceeds to redeem in full its outstanding 6.500% Senior Secured Notes due 2027, pay offering fees and expenses, and for general corporate purposes including repayment or repurchase of other indebtedness. Live Nation also amended its senior secured credit facilities the same day, extending the maturity of its revolving credit facilities and delayed draw term loan A facility by one year to October 21, 2031 and increasing commitments under the multicurrency revolving credit facility to $1,450 million, the venue expansion revolving credit facility to $435 million, and the delayed draw term loan A facility to $725 million.
- · From the wire
Live Nation Entertainment prices a private offering of $730,000,000 in senior notes due 2032 carrying a 7.125% interest rate and €600,000,000 in senior notes due 2032 carrying a 6.125% interest rate, both issued at 100.000% of face value. The company plans to use the net proceeds to redeem in full its outstanding 6.500% senior secured notes due 2027, pay offering fees and expenses, and for general corporate purposes, with the offering expected to close October 15, 2026. Live Nation also entered into cross-currency swap agreements converting the dollar notes into approximately €652 million of euro-denominated fixed-rate obligations through October 2031, producing a blended rate of approximately 5.89% across the notes.