AI Takeaway
LYV posted Q1 FY2026 revenue of $3.79B (+12.1% YoY) but swung to a net loss of $389.1M as operating expenses surged, while strong operating cash flow of $2.34B reflects the seasonal advance-ticket collection nature of its live events business.
Revenue
$3.79B
++12.15% YoY
EPS (Basic)
$-1.85
-478.13% YoY
Operating Income
$-370.52M
-422.84% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Revenue rose 12.1% YoY to $3.79B in Q1 FY2026, up from $3.38B in the prior-year period, reflecting continued strong consumer demand for live entertainment experiences across concerts, festivals, and ticketing.
Source: Source: 10-Q Income Statement
Operating income swung from a gain of $114.8M to a loss of $370.5M (-422.8% YoY), driven largely by a 23.4% jump in SG&A expenses to $961.5M, suggesting significant investment in growth initiatives, headcount, or one-time charges outpacing revenue gains.
Source: Source: 10-Q Income Statement
Net loss deepened to $389.1M from just $23.2M in Q1 FY2025, a -1,777% YoY deterioration, pushing basic and diluted EPS to -$1.85 versus -$0.32 in the prior year, reflecting both the operating loss and likely higher interest or other non-operating costs.
Source: Source: 10-Q Income Statement
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Upgrade to unlockLYV's stockholders' equity turned negative at -$139.4M in Q1 FY2026, down from +$106.0M a year ago, indicating accumulated losses and/or debt exceed asset book values. A current ratio below 1.0 (0.885) adds to near-term liquidity concerns, though much of the current liability balance reflects deferred ticket revenue rather than debt obligations.
Source: Source: 10-Q Balance Sheet
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Upgrade to unlockReported EPS of $-1.85 versus the $-0.47 analyst consensus — a -291.4% miss for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $3.79B | $3.38B | +12.15% |
Operating Income | $-370.52M | $114.77M | -422.84% |
Net Income | $-389.1M | $23.2M | -1776.96% |
EPS (Basic) | $-1.85 | $-0.32 | -478.13% |
EPS (Diluted) | $-1.85 | $-0.32 | -478.13% |
SG&A Expense | $961.52M | $778.92M | +23.44% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $26.07B | $21.83B | +19.43% |
Current Assets | $13.64B | $11.07B | +23.24% |
Current Liabilities | $15.42B | $11.52B | +33.85% |
Stockholders' Equity | $-139.4M | $106M | -231.52% |
Cash & Equivalents | $9.08B | $7.16B | +26.81% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $2.34B | $1.32B | +77.02% |
Investing Cash Flow | $-417.74M | $-217.4M | -92.16% |
Financing Cash Flow | $117.48M | $-173.19M | +167.83% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | -9.8% | 3.4% | -13.16% |
Net Margin | -10.3% | — | — |
ROE | 279.1% | — | — |
ROA | -1.5% | — | — |
Current Ratio | $0.885 | — | — |
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LYV grew revenue 12.1% YoY to $3.79B in Q1 FY2026, but reported a net loss of $389.1M as SG&A expenses surged 23.4% to $961.5M. Despite the loss, operating cash flow was a robust $2.34B, up 77% YoY, reflecting the company's advance ticket collection business model.
LYV's net loss of $389.1M in Q1 FY2026 was driven by a sharp increase in operating costs, particularly SG&A expenses which jumped 23.4% YoY to $961.5M, causing operating income to swing from a $114.8M gain to a $370.5M loss. This cost surge significantly outpaced the 12.1% revenue growth in the quarter.
LYV's stockholders' equity turned negative at -$139.4M in Q1 FY2026, and its current ratio of 0.885 shows current liabilities exceed current assets. However, the company holds $9.1B in cash and generated $2.34B in operating cash flow, so the negative equity largely reflects its leveraged capital structure and deferred ticket revenue obligations rather than an imminent liquidity crisis.
LYV's operating cash flow surged 77.0% YoY to $2.34B in Q1 FY2026, driven by advance ticket sales for upcoming events that are recorded as deferred revenue. Free cash flow was approximately $1.92B after accounting for $417.7M in investing outflows, a significant improvement from roughly $1.10B in Q1 FY2025.
Based on the financial data, key risks include rapidly rising SG&A costs compressing margins (operating margin fell to -9.8% from +3.4%), a leveraged balance sheet with negative stockholders' equity, and deferred ticket revenue obligations that could create refund pressure if events are cancelled. Investing outflows also nearly doubled YoY to $417.7M, signaling increased capital commitments in a high-debt environment.