Live Nation grew Q2 2026 revenue 9% to $7.67B on a record 48.7M fans and 14% Ticketmaster profit growth, while Concerts AOI fell 14% as World Cup scheduling pushed North American stadium shows into Q3; EPS rose to $1.05 largely on a smaller accretion charge.
Revenue
$7.7B
+9.4% YoY
Net income
$294M
+21.0% YoY
Diluted EPS
$1.05
+156.1% YoY
Operating margin
6.8%
Record crowds, softer concert profit: what happened in Q2 2026
Live Nation's second quarter of fiscal 2026 (April 1 – June 30, 2026) brought in $7.67 billion of revenue, up 9%, as 48.7 million people attended its shows, 4.5 million more than a year earlier. Operating income rose 7% to $521.9 million. Profit per share jumped from $0.41 to $1.05, but most of that jump comes from an accounting item and investment gains rather than the concert business (explained below).
The mix underneath was uneven. Ticketmaster and sponsorship both grew profit by double digits. The Concerts segment, which is most of the revenue, earned 14% less on an adjusted basis. Management puts that down mainly to timing: North American stadium shows moved from the second quarter into the third because the FIFA World Cup occupied stadiums in June and July.
Key figures
Metric
Q2 2026
Q2 2025
YoY Change
Revenue
$7,666.9M
$7,006.6M
+9.4%
Operating income
$521.9M
$486.7M
+7.2%
Operating margin
6.8%
6.9%
-0.1 pts
Adjusted operating income (AOI)
$817.0M
$798.4M
+2.3%
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Operating margin is the share of revenue left after running the business, before interest and tax. Live Nation's margin is thin by nature because most of each concert ticket goes to the artist and the venue costs of putting on the show. AOI is the company's own profit measure: operating income before depreciation, stock-based pay, acquisition costs and certain legal charges. It is not a standard accounting measure, but it is how management judges each business.
Segment by segment
Segment
Q2 2026 revenue
YoY
Q2 2026 AOI
YoY
Concerts
$6,444.4M
+8%
$309.6M
-14%
Ticketing (Ticketmaster)
$852.2M
+15%
$331.0M
+14%
Sponsorship & Advertising
$383.0M
+12%
$256.9M
+13%
Concerts: more fans, less profit this quarter. Concerts revenue rose $498.0 million. The 10-Q attributes the increase to "fan count growth from more shows driven by our International markets, particularly mainland Europe and South America," plus $30.3 million from newly opened venues and $109.1 million from acquired businesses. About 15,300 events were held, 7% more than a year earlier. Almost all the attendance growth came from outside North America: international fans rose from 20.9 million to 25.6 million, while North American fans were flat (23.1M vs. 23.3M).
Concerts AOI still fell $49.1 million. The filing gives three reasons:
Show mix and timing. North American stadium shows are the most profitable concerts. They shifted from Q2 to Q3 "as a result of the FIFA World Cup."
Pre-opening costs for venues that open in 2026 and later. Management expects about $50 million of these for the full year.
Costs of expanding international festivals. The concert side pays for these, but the filing notes the payoff shows up mostly in Sponsorship.
This decline looks like timing rather than weakening demand. Event-related deferred revenue is money fans have already paid for tickets to future shows, which the company counts as revenue only once each show happens. It reached a record $6.41 billion, up 25%. The 10-Q adds that ticket sales for shows in calendar 2026 were "pacing up 11%" as of June 30.
Ticketmaster: the profit engine had its best Q2. Revenue rose 15%. Fee-bearing tickets (tickets where Ticketmaster collects a service fee) rose 8% to 90.1 million, and the dollar value of those tickets (gross transaction value, or GTV) rose 15% to $10.4 billion. Concerts made up about 90% of the growth. AOI rose 14% to $331.0 million, on a 38.8% AOI margin, compared with under 5% in Concerts. One thing to watch: North American resale ticket volume was flat, with growth in sports offsetting a decline in concerts. Management describes that as partly the result of its efforts against scalpers and bots.
Sponsorship: small segment, high margin. Revenue of $383.0 million produced $256.9 million of AOI, a 67% margin. The press release says international markets grew 17% and supplied about 80% of the segment's AOI growth, driven by new venues and festivals.
Why earnings per share rose far more than profit
Net income to shareholders rose 21%, but diluted EPS rose 156%. Two items account for most of the gap, and neither is about selling more tickets.
A smaller "accretion" charge. Live Nation has agreed to buy out minority partners in some businesses it controls, such as the Mexican promoter OCESA, at prices that move with those businesses' results. Each quarter it re-measures those buyout obligations and subtracts the increase from the earnings available to common shareholders. That charge was $147.8 million in Q2 2025 but only $46.5 million in Q2 2026. The net income line doesn't show it, but it drives EPS. On its own, this change added roughly $0.40 per share.
Investment gains, mostly belonging to partners. Other income swung from a $36.4 million expense (mostly currency losses) to $55.7 million of income, driven by $60.3 million of mark-to-market gains on investments held by minority partners. Because the partners own most of that gain, profit attributed to them rose $49.1 million, "primarily due to a gain of $54.1 million for an investment held by a noncontrolling interest partner."
Interest expense rose $25.2 million to $97.2 million, which the 10-Q attributes to new "VenueCo" notes. These are €610 million of long-dated bonds issued on April 30, 2026, backed by four venues (two U.S. amphitheaters, Amsterdam's Ziggo Dome and Dublin's 3Arena).
The antitrust case: $450 million already booked
This quarter's results are clean, but the six-month figures are not. In Q1, Live Nation recorded a $450 million charge within corporate expenses after an April 15, 2026 jury verdict for the states that kept suing in the Department of Justice antitrust case over Ticketmaster. The company had settled with the federal government in March, and six states joined that settlement in the following weeks. That settlement sets up a $280 million fund for state damages and penalty claims (the six settling states' shares come to about $18.6 million) and still needs court approval. The charge is why first-half operating income fell 75% to $151.4 million even though first-half AOI rose 4%. It also explains the first-half loss per share of $0.78.
The 10-Q says the company thinks the verdict is "legally infirm." Post-trial motions were set for argument on July 31, 2026, with an appeal likely. A separate "remedies" phase is still to come, in which the states may seek structural changes to the business. A Federal Trade Commission suit over ticket-price advertising is also pending, and the company has not recorded a charge for it.
Takeaway: The underlying business looks healthy. Ticketmaster profit rose 14%, attendance rose 10%, and a record $6.4 billion in advance ticket sales supports management's claim that the 14% drop in concert profit came from World Cup scheduling rather than weaker demand. The EPS jump overstates the quarter: most of it is an accounting charge that shrank and investment gains owned by partners. The main open risk is legal, not operational.
Outlook
Management guidance from the July 30, 2026 earnings release:
Double-digit AOI growth for 2026 overall. Concerts is also expected to grow AOI by double digits, "with the majority of the year-over-year improvement occurring in Q4."
Full-year attendance up about 10%. Ticketmaster AOI is expected to grow mid-single digits and sponsorship AOI double digits, with 95% of 2026 sponsorship commitments already booked.
Capital spending of about $1.1 billion, including $800 million for new and upgraded venues. More than 25 large venues are due to open through 2027.
Net interest expense of about $280 million, and depreciation and amortization up 12–15%.
Our read: The second-half recovery in Concerts depends on the deferred revenue and ticket-pacing data, which are stronger evidence than a management forecast. Because so much of the gain is expected in Q4, the Q3 report may still show weak concert profit even if the full-year target is met. Ticketmaster's mid-single-digit full-year growth target is modest after a 14% Q2, which leaves some room above guidance. What could change the picture most is the court's handling of the antitrust verdict and the remedies phase. A remedy that restricts how Live Nation pairs venues, promotion and ticketing would reach the segment that earns the highest margins. The balance sheet is also getting heavier: current debt rose to $2.97 billion from $588 million at year-end as maturities approach, and total debt, including the new VenueCo notes, now stands at about $9.2 billion.