Inside Live Nation’s Q3 Earnings: More Stadium Shows, International Growth, DOJ Case Optimism

Live Nation reported an 11% increase in total revenue in the third quarter on Tuesday (Nov. 4), the result of continued fan demand for live music and a shift to stadiums from amphitheaters and arenas.  

On a call with analysts and investors, CEO Michael Rapino and COO Joe Berchtold discussed the finer points of the results. Although it’s only November, all signs point to more growth in revenue, ticket sales, attendance and sponsorships in 2026. Fan demand isn’t falling back to earth any time soon, and Live Nation has made investments — renovations, new venues and acquisitions — to capture as much of that demand as possible.  

Here are some of the highlights from the earnings call and Tuesday’s earnings release. 

Stadiums Dominated 2025 and Will Be Big Again in 2026 

In the concert business, the venue matters. Live Nation’s owned and operated amphitheaters historically generate better margins than other venues, but in 2025, there have been more stadium shows. “A lot of artists decided not to play arenas and amphitheaters and go for stadiums,” said Rapino. In fact, in the third quarter, Live Nation had 250 fewer amphitheater shows and 120 more stadium shows, according to Berchtold. But because Live Nation operates some of those stadiums — such as Rogers Stadium in Toronto and Estadio GNP in Mexico City — those shows boosted the quarter’s per-fan profitability, Berchtold said.  

With the FIFA World Cup taking place in the U.S., Canada and Mexico in the summer of 2026, there have been some concerns that soccer matches would limit stadiums’ availability and put a damper on North America tours. But those fears “haven’t seemed to come to life,” Rapino said, adding that stadiums should have “a very strong year [in 2026].”  

Fans Keep Spending 

People may be suffering through nagging inflation and feeling economic jitters, but music fans are proving to be a resilient bunch, as per-fan spending at Live Nation’s owned and operated venues rose 8% through October. Part of the growth comes down to offering the right products. Non-alcoholic drink sales were up by 20%, and ready-to-drink options were up, too. The growth can also be attributed to renovations at amphitheaters that created VIP areas with premium food and beverage options.  

Amidst the growing importance of VIP options to Live Nation’s business, the company said it’s not seeing any pullback from lower income brackets. “No, we have not seen any of that,” Rapino said when asked by Citi analyst Jason Bazinet if there was evidence of “bimodal” consumer behavior. Many shows for 2026 are already on sale, Rapino noted, and the company saw “no pull-back anywhere.”   

More Gains into the Fourth Quarter and 2026 

The fourth quarter and 2026 are expected to continue the trends seen in the first three quarters of 2025. Deferred revenue — money collected but not yet recognized as revenue for accounting purposes — is an important metric for assessing demand for upcoming events. Live Nation’s deferred revenue is up big from a year earlier: Event-related deferred revenue of $3.5 billion was up 37% from the prior-year period, and Ticketmaster’s deferred revenue of $231 million was up 30%. In addition, Live Nation says its large venue show pipeline for 2026 is up by double-digits, and ticket sales for concerts in 2026 have already reached 26 million. Sponsorship commitments for 2026 are up double-digits, too, according to the company.  

An International Tipping Point is Coming 

Fans at international concerts are on track to surpass U.S. fans, the company revealed on Tuesday. In fact, international business is driving Live Nation’s growth. Whereas total fee-bearing gross transaction value (GTV) was up 7%, it rose 16% in international markets. And of the 26.5 million net new tickets from Ticketmaster enterprise clients, 70% came from outside the U.S. Additionally, more than half of the 5 million fans expected to attend concerts at Live Nation’s large (over 3,000 capacity) venues in 2026 will come from international markets.  

Confidence in the Federal Antitrust Lawsuit 

The U.S. Department of Justice’s lawsuit against Live Nation and Ticketmaster is set to go to trial on March 6. While the company’s latest quarterly SEC filing admits the case “could involve significant monetary costs or penalties,” its executives are publicly confident the lawsuit won’t lead to a nuclear option: namely, breaking up Live Nation and Ticketmaster. Berchtold pointed to the remedies decision in September in the Department of Justice’s case against Google, which aimed to restore competition in the internet search and search advertising markets. The court placed certain remedies on Google — a ban on exclusive distribution of Google Search and Chrome, for example — but didn’t break up the company. To Live Nation, the decision “very much validated our view that the claims in our case can’t lead to a breakup of Live Nation and Ticketmaster even if the DOJ prevails on one claim or another,” said Berchtold.