Live Nation’s second quarter results were well received by the market, as the company reported revenue and non-GAAP profit ahead of Wall Street’s expectations. Management pointed to ongoing momentum in international markets, with particular emphasis on the expansion of its venue portfolio and strong demand for live events globally. According to CEO Michael Rapino, recent developments in Latin America—including the OCESA partnership and venue upgrades—played a significant role in driving growth this quarter. Rapino also noted, “Mexico under Alex has continued great growth ahead of it,” highlighting the importance of the region to Live Nation’s strategy.
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Live Nation (LYV) Q2 CY2025 Highlights:
- Revenue: $7.01 billion vs analyst estimates of $6.78 billion (16.3% year-on-year growth, 3.4% beat)
- Adjusted EPS: $1.04 vs analyst estimates of $1.02 (1.5% beat)
- Adjusted EBITDA: $978.2 million vs analyst estimates of $755.8 million (14% margin, 29.4% beat)
- Operating Margin: 6.9%, in line with the same quarter last year
- Events: 14,292, down 386 year on year
- Market Capitalization: $36.85 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Live Nation’s Q2 Earnings Call
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Stephen Laszczyk (Goldman Sachs) asked about the evolution of Live Nation’s Latin American strategy, particularly around OCESA and further opportunities. CEO Michael Rapino described the region as a growth focus and cited partnership expansion and venue upgrades as key levers.
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Brandon Ross (LightShed Partners) questioned the divergence between Ticketmaster and concert segment growth and the future impact of AI. CFO Joe Berchtold explained that mix shifts and international expansion are driving differences, and outlined how AI integration is expected to improve efficiency and profitability.
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David Karnovsky (JPMorgan) inquired about trends in the secondary ticketing market and early views on 2026 event supply. Berchtold emphasized that shifting more sales to primary ticketing benefits Ticketmaster and noted that event scheduling is already well underway for next year.
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Peter Henderson (Bank of America) asked about the economics of concerts by non-English-speaking artists and how on-site monetization varies by audience. Rapino explained that margins are comparable globally, and food and beverage offerings are tailored to different demographics for enhanced profitability.
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Benjamin Soff (Deutsche Bank) sought details on APAC growth and the drivers behind increased fan counts at operated venues. Rapino highlighted the recent acquisition in Japan and the under-penetrated status of several Asia-Pacific markets, while Berchtold pointed to both new venue openings and increased utilization in Europe and Latin America.
Catalysts in Upcoming Quarters
In the coming quarters, our team will monitor (1) the pace of international venue rollouts and their contribution to attendance growth, (2) the impact of technology enhancements—especially artificial intelligence—on Ticketmaster’s operational efficiency and pricing, and (3) the company’s ability to maintain margin stability despite changes in event mix and regional demand. We will also keep an eye on sponsorship growth and further market entries in regions like APAC and Latin America.
Live Nation currently trades at $159.20, up from $148.61 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free).
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