Live Nation generated revenues of $10.1 billion in Q3 (the three months ending September 30, 2026), up 19% YoY from $8.5 billion in Q3 2025.
That’s according to Live Nation‘s latest quarterly results, published on Thursday (November 5).
According to Live Nation, international markets have overtaken the US in 2026 so far, in both concert attendance and sponsorship revenue.
In Q3, Live Nation‘s international fan attendance grew 29% YoY, while attendance in North America rose 13% YoY.
“Through October, we’ve sold 170 million tickets, up 13% and already ahead of all of last year. We now expect to welcome nearly 180 million fans in 2026.”
Michael Rapino, Live Nation
International markets accounted for 60% of Live Nation‘s global fan growth in the quarter, and 75% of its growth in fee-bearing tickets.
International sponsorship also surpassed North America in operating income and AOI (adjusted operating income) in Q3, according to Live Nation.
Across the company, Live Nation‘s global fan attendance grew 19% YoY to 61 million in Q3.
Operating income rose 13% YoY to $892.0 million, while AOI increased 14% YoY to $1.18 billion.
Commenting on the results, Live Nation‘s President and CEO, Michael Rapino, said: “In a world of endless screens and AI-generated everything, the one thing that can’t be replicated is being there.
“Artists are taking their music to more fans in more places than ever, and fans are showing up in record numbers. Through October, we’ve sold 170 million tickets, up 13% and already ahead of all of last year. We now expect to welcome nearly 180 million fans in 2026.
“This quarter attendance grew 19%, and year-to-date, international markets surpassed the U.S. in both concert attendance and sponsorship revenue – a powerful sign of how global live music has become. We’re investing in more venues around the world, giving artists more stages to build their careers and fans more opportunities to experience the magic of live music.
“With double-digit adjusted operating income (AOI) growth across all three segments this quarter, we’re on track to deliver another record year and sustain double-digit growth for years to come.”
INTERNATIONAL
International fan attendance grew in every region in Q3, with each one up at least 15% YoY, Live Nation said.
International fee-bearing ticket volume at Ticketmaster rose 20% YoY, while international markets contributed 65% of sponsorship revenue growth in the quarter.
Live Nation expects arenas outside the US to deliver 75% of the fan growth at the large venues it owns or operates in 2026.
Attendance at those international arenas has now surpassed attendance at Live Nation‘s US amphitheaters, according to the company.
The company’s international venue expansion this year has included the acquisition of ForumNet Group, owner of Milan’s Unipol Forum arena.
CONCERTS
Live Nation‘s Concerts revenue for the third quarter of 2026 was $8.75 billion, up 20% YoY.
Concerts AOI grew 17% YoY to $602.9 million (up 19% YoY at constant currency).
The 61 million fans who attended Live Nation shows in Q3 compares with the 49 million it reported in Q2.
In North America, stadiums and amphitheaters drove 90% of Live Nation‘s fan growth in Q3.
Fan attendance at third-party stadiums rose over 40% YoY, accounting for more than half of Live Nation‘s global fan growth.
Live Nation said that ticket sales for its 2026 shows reached approximately 170 million through late October, up 13% YoY, and “already exceeding full-year 2025.”
The company now expects fan attendance to “approach 180 million” for the full year, with Concerts “on track to deliver double-digit AOI growth,” according to Live Nation.
Live Nation‘s event-related deferred revenue reached $3.8 billion at the end of Q3, up 8% YoY, which the company called a “record” for a third quarter.
TICKETING
Live Nation‘s Ticketing revenue grew 9% YoY to $870.3 million in Q3 (up 8% YoY at constant currency).
Ticketing AOI increased 10% YoY to $315.7 million.
Ticketmaster‘s fee-bearing ticket volume rose 10% YoY to 98 million, which Live Nation called a “record.”
Fee-bearing gross transaction value (GTV) grew 13% YoY to $11.2 billion, with Concerts accounting for 95% of the growth in fee-bearing tickets.
Secondary ticket GTV was flat YoY, with growth in sports offsetting lower concert resale activity, “consistent with efforts to constrain scalper sales,” according to Live Nation.
Net new ticketing agreements added 23 million tickets, with over 70% coming from international markets, Live Nation said.
Live Nation now expects full-year Ticketing AOI to grow by high single digits, up from the mid-single-digit growth it forecast in July.
SPONSORSHIP AND ADVERTISING
Live Nation‘s Sponsorship and Advertising revenue grew 14% YoY to $505.7 million in Q3 (up 13% YoY at constant currency).
Sponsorship AOI increased 12% YoY to $350.2 million (up 11% YoY at constant currency).
International markets, “led by ticket access, venues, and festivals,” contributed 65% of sponsorship revenue growth in the quarter, according to Live Nation.
VENUE NATION
Live Nation‘s Venue Nation division hosted 26 million fans in Q3, up 17% YoY.
The company now expects Venue Nation to host over 75 million fans in 2026, up more than 15% YoY.
Live Nation said it is on track to open or acquire 10 large venues (over 3,000 capacity) by the end of 2026.
Those venues are expected to deliver over 5 million fans this year, with a run-rate of nearly 8 million, according to Live Nation.
Live Nation‘s capital expenditures totaled $722 million in the first nine months of 2026, and are on track to reach nearly $1.1 billion for the full year, of which $800 million is “directed toward expanding and improving venues.”
PROFIT AND CASH FLOW
Live Nation‘s Q3 AOI of $1.18 billion equates to an AOI margin of 11.7%, compared to 12.2% in Q3 2025, by MBW’s calculations.
Net income attributable to Live Nation‘s common stockholders was $447.8 million in Q3, compared to $431.5 million a year earlier.
For the first nine months of 2026, Live Nation‘s operating income fell 25% YoY to $1.04 billion.
That decline reflects a $450.0 million charge for what Live Nation calls “Governmental Investigations and Litigation,” which the company excludes from AOI.
In April, a federal jury in Manhattan found that Live Nation and Ticketmaster had illegally monopolized markets including primary concert ticketing at major venues.
Year-to-date operating cash flow grew 45% YoY to $2.1 billion, while free cash flow (adjusted) rose 25% YoY to $1.6 billion.
Live Nation ended Q3 with free cash of $2.31 billion, and said an October refinancing “extended maturities to 2031.”
Live Nation will host its 2026 Investor Presentation on Tuesday (November 10).Music Business Worldwide
Live Nation reported impressive financial results for the third quarter ending September 30, 2026, generating revenues of $10.1 billion, reflecting a 19% increase from the previous year’s $8.5 billion. The company attributes this growth to a surge in concert attendance, particularly in international markets, which have now surpassed the United States in both attendance and sponsorship revenue. International fan attendance increased by 29% year-over-year (YoY), while North America saw a 13% rise. The company announced it has already sold 170 million tickets through October, an increase of 13% from the previous year, and anticipates welcoming nearly 180 million fans by the end of 2026.
CEO Michael Rapino emphasized the unique appeal of live music in a digital age, stating that artists are reaching more fans than ever, which translates into record attendance numbers. Live Nation’s global fan attendance rose by 19% YoY to 61 million in Q3, with operating income climbing 13% YoY to $892 million and adjusted operating income (AOI) increasing by 14% YoY to $1.18 billion.
The international segment played a significant role in this growth, accounting for 60% of the company’s overall fan growth and 75% of the increase in fee-bearing tickets. Every international region experienced at least a 15% increase in attendance, with international fee-bearing ticket volume at Ticketmaster rising by 20% YoY. The company expects that arenas outside the United States will deliver 75% of fan growth at large venues it operates in 2026, indicating a strategic shift towards global expansion.
In terms of revenue breakdown, Live Nation’s Concerts division generated $8.75 billion in Q3, marking a 20% increase YoY. Concerts AOI rose by 17% YoY to $602.9 million. The attendance figures for Live Nation’s shows increased significantly compared to 49 million in Q2, underscoring robust demand. Notably, North American stadiums and amphitheaters contributed to 90% of the fan growth in Q3, with third-party stadium attendance up by over 40% YoY.
Live Nation’s ticketing revenue also saw growth, increasing by 9% YoY to $870.3 million, with Ticketmaster achieving record fee-bearing ticket volume of 98 million. The gross transaction value for fee-bearing tickets grew by 13% YoY to $11.2 billion, primarily driven by concert sales.
Sponsorship and advertising revenues rose by 14% YoY to $505.7 million, with international markets contributing significantly to this growth. The Venue Nation division hosted 26 million fans in Q3, an increase of 17% YoY, and is projected to host over 75 million fans in 2026, with plans to open or acquire 10 large venues by the end of the year.
Despite these positive trends, Live Nation faced challenges in terms of profitability. The company’s AOI margin slightly decreased from 12.2% in Q3 2025 to 11.7% in Q3 2026. The net income attributable to common stockholders was $447.8 million, compared to $431.5 million in the previous year. Additionally, the company reported a substantial decline in year-to-date operating income, down 25% YoY to $1.04 billion, attributed to a $450 million charge related to governmental investigations and litigation concerning alleged monopolistic practices.
Nonetheless, Live Nation reported strong operating cash flow growth of 45% YoY to $2.1 billion, and free cash flow adjusted rose by 25% YoY to $1.6 billion. The company ended Q3 with $2.31 billion in free cash and successfully refinanced its debt, extending maturities to 2031.
Live Nation is set to host its 2026 Investor Presentation on November 10, highlighting its ongoing commitment to expanding its global footprint and supporting the live music industry as it continues to recover and grow. The overall outlook remains optimistic, with expectations for sustained growth in ticket sales, attendance, and overall revenues in the coming years.
