该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
Live Nation Entertainment (LYV) delivered strong FY2025 revenue growth of 8.8% to $25.2B and a 51.8% surge in operating income to $1.25B, but reported a net loss driven by below-the-line charges that pushed EPS to -$0.24 versus $2.74 diluted in the prior year.
营收
252.01亿美元
同比 +8.83%
每股收益（稀释）
-0.24美元
同比 -108.76%
营业利润
12.51亿美元
同比 +51.75%
SEC XBRL 原值
Live Nation Entertainment (LYV) FY2025 营收 252.01亿美元，同比增长 8.8%。 营业利润率 5.0%，较去年同期的 3.6% 扩大 1.4 个百分点。 经营活动现金流 13.95亿美元，同比下降 19.1%。
近 4 个季度：1 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 1.05 | 0.67 | 超预期 +56.5% |
| 2026年3月 | -1.85 | -0.47 | 不及预期 -291.4% |
| 2025年12月本次财报 | -1.06 | -1.02 | 不及预期 -4.0% |
| 2025年9月 | 0.73 | 1.40 | 不及预期 -48.0% |
2025年12月 实际 EPS -1.06美元，分析师一致预期 -1.02美元，不及预期 -4.0%。
由 AI 基于本次 SEC 报告整理
Total revenue grew 8.8% year-over-year to $25.2B in FY2025 (from $23.2B in FY2024), reflecting continued strong consumer demand for live entertainment experiences across concerts, festivals, and ticketing.
来源: 10-K Income Statement (XBRL Financial Data)
Operating income surged 51.8% to $1.25B, with operating margin expanding approximately 140 basis points to 4.96%, indicating that revenue growth is outpacing cost growth and the business is achieving meaningful operating leverage.
来源: 10-K Income Statement & Key Ratios (XBRL Financial Data)
Despite strong operating performance, net income fell 44.7% to $496M, and EPS swung to a loss of -$0.24 (basic and diluted) from a gain of $2.77/$2.74 in FY2024, suggesting significant non-operating charges such as interest expense, debt-related costs, or minority interest impacts below the operating line.
来源: 10-K Income Statement (XBRL Financial Data)
Total assets grew 16.7% to $22.9B, supported by a $999M increase in cash to $7.1B; however, the current ratio stands at 0.995, meaning current liabilities of $11.0B slightly exceed current assets of $11.0B, reflecting the typical advance ticket sale liability structure of the business.
来源: 10-K Balance Sheet (XBRL Financial Data)
Operating cash flow declined 19.1% to $1.40B, while financing cash flow turned sharply positive to $407M (from -$659M), suggesting new debt issuance or other financing activity; the company also initiated modest share buybacks of $23.5M in FY2025.
来源: 10-K Cash Flow Statement (XBRL Financial Data)
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
LYV's current ratio of 0.995 means current liabilities marginally exceed current assets, a structural feature driven by deferred revenue from advance ticket sales. While common in the live events industry, any sudden disruption to event scheduling or ticket refund demands could pressure near-term liquidity. The company holds $7.1B in cash, which partially mitigates this risk.
来源: 10-K Balance Sheet (XBRL Financial Data)
Operating income of $1.25B contrasts sharply with net income of $496M and a negative EPS of -$0.24, implying substantial below-the-line charges likely related to interest expense on the company's large debt load, non-controlling interests, or one-time items. This disconnect reduces the quality of earnings and may obscure true profitability for investors.
来源: 10-K Income Statement (XBRL Financial Data)
Stockholders' equity stands at only $271M against total assets of $22.9B, implying an extremely high debt-to-equity ratio and significant financial leverage. While equity grew 56.4% year-over-year, the absolute level remains very thin relative to the company's asset base and debt obligations, leaving limited buffer against adverse conditions.
来源: 10-K Balance Sheet (XBRL Financial Data)
Operating cash flow fell 19.1% to $1.40B in FY2025 despite revenue and operating income growth, which may indicate working capital headwinds or timing differences in event-related cash flows. Sustained cash flow deterioration could limit the company's ability to fund capital expenditures, service debt, or pursue acquisitions.
来源: 10-K Cash Flow Statement (XBRL Financial Data)
SG&A expenses remain high at $4.09B (up 1.2% YoY), representing a substantial fixed cost base. While the growth rate moderated, any revenue shortfall from event cancellations, economic downturns, or reduced consumer discretionary spending could rapidly compress margins given the company's operating leverage profile.
来源: 10-K Income Statement (XBRL Financial Data)
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 252.01 亿美元 | 231.56 亿美元 | +8.83% |
营业利润 亿美元 | 12.51 亿美元 | 8.25 亿美元 | +51.75% |
净利润 亿美元 | 4.96 亿美元 | 8.96 亿美元 | -44.66% |
每股收益（基本） 美元 | -0.24 美元 | 2.77 美元 | -108.66% |
每股收益（稀释） 美元 | -0.24 美元 | 2.74 美元 | -108.76% |
销售及管理费用 亿美元 | 40.92 亿美元 | 40.44 亿美元 | +1.19% |
答案基于本次 SEC 报告与本页数据