LIVE NATION ENTERTAINMENT REPORTS THIRD QUARTER 2026 RESULTS
“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.”
ARTISTS REACH MORE FANS WORLDWIDE DRIVING A RECORD QUARTER (3Q26 vs. 3Q25 unless otherwise noted)
Fee-bearing tickets of 98 million, up 10% and fee-bearing Gross Transaction Value (GTV) of $11.2 billion, up 13%
Sponsorship AOI up 12% as international sponsorship surpassed North America in operating income and AOI for the quarter
• Ticket sales for 2026 shows up 13% to approximately 170 million through late October, already exceeding full-year 2025, with stadium, arena, and amphitheater fan count each up mid-teens or higher
• Venue Nation attendance for the year now expected to exceed 75 million, up more than 15% year-over-year
• Through Q3, ticketing GTV for primary tickets sold for 2027 shows up double- digits compared to same point last year, driven by double-digit growth in North America primary ticket volume 1 ARTISTS DRAW RECORD ATTENDANCE WORLDWIDE (3Q26 vs. 3Q25 unless otherwise noted)
• Global fan attendance of 61 million, up 19%, reflecting broad-based demand across all regions and large venue types:
Fan attendance at third-party stadiums up over 40%, accounting for more than half of global fan growth
Ticket sales for the month of October up over 20%, reflecting strong show closings
September marked an all-time monthly high for amphitheater attendance and number of shows
Sell-through rates are ahead of last year while cancellation rates pace below year-to-date
• Fan attendance now expected to approach 180 million for the full year, delivering double-digit growth
• Venue Nation hosted 26 million fans in Q3, up 17% and now expected to host over 75 million fans in 2026
Arenas outside the U.S. expected to deliver 75% of owned or operated fan growth at our large venues for the full year, with attendance now surpassing U.S. amphitheaters
• Fans are choosing a range of experiences at our large U.S. amphitheaters, with upgrade purchases and VIP revenue per ticket up double-digits while value menu unit sales more than doubled
• Similar strength internationally, with onsite spending at our European arenas up double-digits
• On track to open or acquire 10 large (over 3,000 capacity) venues through the end of the year, which are expected to deliver over 5 million fans this year with a run-rate of nearly 8 million 2 INTERNATIONAL SPONSORSHIP SURPASSES NORTH AMERICA (3Q26 vs. 3Q25 unless otherwise noted)
• International markets, led by ticket access, venues, and festivals, contributed 65% of sponsorship revenue growth for the quarter
DEMAND FOR ARTISTS’ SHOWS DRIVES RECORD Q3 TICKETING RESULTS (3Q26 vs. 3Q25 unless otherwise noted)
Concerts accounted for 95% of fee-bearing ticket growth, benefitting from successful early 2027 on sales
• Secondary ticket GTV flat, with growth in sports offsetting lower concert resale activity, consistent with efforts to constrain scalper sales
• Net new ticketing agreements added 23 million tickets, over 70% from international markets, expanding our ability to help artists and venues reach fans
• Year-to-date operating cash flow of $2.1 billion, up 45% and free cash flow—adjusted of $1.6 billion, up 25% with AOI to free cash flow—adjusted conversion of 69%, up from 60% last year
• Full-year AOI to free cash flow—adjusted conversion expected to exceed last year
• Year-to-date capital expenditures total $722 million, on track for full-year spend of nearly $1.1 billion:
$800 million directed toward expanding and improving venues, giving artists more places to perform and fans better live experiences
Approximately $200 million from funding by joint-venture partners, sponsorship agreements, and other sources reduce venue cash requirements
Remainder to focus on ticketing and sponsorship growth initiatives, as well as ongoing maintenance requirements
• October refinancing extended maturities to 2031, providing additional financial flexibility to fund venue expansion at an attractive cost of capital, while euro-denominated debt aligns with our growing international business
• Corporate / Other and Eliminations expense expected to increase in line with AOI growth
• Since mid-year, full-year foreign exchange benefit reduced by approximately $20 million
Noncontrolling interest expense is expected to be approximately $325 million. This projection may be further impacted by mark-to-market revaluations of investments and will have no impact to earnings per share, as any impact will be offset in other income and expenses
Accretion expense is projected to be one-third of last year’s, with continued strong performance at OCESA and other partners
• 2026 share count not expected to change materially from 2025 4 Compare Our Operating Results to Past Quarters In The Trended Results Grid:
https://investors.livenationentertainment.com/financial-information/financial- results
The company will webcast a teleconference today, November 5, 2026, at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the “News / Events” section of the company’s website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the “Financial Info” section of the website. A replay of the webcast will also be available on the Live Nation website. The link to the 3Q26 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release.
The company has provided certain financial statements at the end of this press release for reference. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 to be filed with the Securities and Exchange Commission today and available on the SEC’s website at sec.gov .
Live Nation Entertainment (NYSE: LYV) helps artists grow their careers through live music, promoting shows that connect them with fans around the world. Since 2005, we've connected artists with more than 1.5 billion fans across 55 countries. A live concert is more than a show — it's a moment fans wait all year for, travel for, and remember for a lifetime. Live Nation exists to make more of those moments possible, helping artists grow their careers and bringing more live music to more fans, everywhere. For more information, visit investors.livenationentertainment.com . 5
Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities
($ in millions) Q3 2026 Q3 2025 ────────────────────────────────────────────────────────────────────────────── Net cash used in operating $ -657.7 $ -95.7 activities Changes in operating assets and 1,640.5 808.3 liabilities (working capital) Changes in accrued liabilities for — -0.6 Astroworld loss contingencies Free cash flow from earnings $ 982.8 $ 712.0 Less: Maintenance capital -30.2 -30.7 expenditures Distributions to noncontrolling -18.2 -32.0 interests Free cash flow — adjusted $ 934.4 $ 649.3 Net cash used in investing $ -621.2 $ -340.4 activities Net cash provided by financing $ 472.1 $ 175.7 activities
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities
($ in millions) 9 Months 2026 9 Months 2025 ────────────────────────────────────────────────────────────────────────────── Net cash provided by operating $ 2,100.4 $ 1,449.0 activities Changes in operating assets and -624.2 139.5 liabilities (working capital) Changes in accrued liabilities for — -8.4 Astroworld loss contingencies Governmental Investigations and 450.0 — Litigation Free cash flow from $ 1,926.2 $ 1,580.1 earnings Less: Maintenance -94.3 -79.8 capital expenditures Distributions to noncontrolling -206.9 -196.8 interests Free cash flow — $ 1,625.0 $ 1,303.5 adjusted Net cash used in $ -1,498.4 $ -832.8 investing activities Net cash provided by (used in) financing $ 780.2 $ -322.8 activities
8 Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations: Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to statements regarding anticipated Concerts fan attendance in 2026; the company’s being on track to deliver another record year in 2026 and sustain double-digit growth for years to come; expected adjusted operating income growth in the company’s Concerts business for 2026; expectations for Venue Nation’s fan count for 2026 and the anticipated contribution to this growth from arenas outside the U.S.; anticipated openings/acquisitions of large venues by the end of 2026, as well as the fan contribution and run-rates from these venues; anticipated adjusted operating income growth in the company’s Sponsorship business for 2026; expected adjusted operating income growth in the company’s Ticketmaster business for 2026; expectations for full-year adjusted operating income to free cash flow—adjusted conversion rates; the company’s anticipated capital expenditures in 2026, including the planned allocation and source of these funds; the positioning of the company’s balance sheet for continued venue investment; the company’s full-year 2026 expectations for depreciation and amortization, net interest expense, Corporate / Other and Eliminations expense, income tax expense, foreign exchange impacts, noncontrolling interest expense, accretion expense, and share count.
Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the company's plans, the risk that the company's markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events.
Live Nation refers you to the documents it files from time to time with the U.S. Securities and Exchange Commission, or SEC, specifically the section titled “Item 1A. Risk Factors” of the company’s most recent Annual Report filed on Form 10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in the company’s projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date on which they are made. All subsequent written and oral forward-looking statements by or concerning Live Nation are expressly qualified in their entirety by the cautionary statements above. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided herein.
Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that we define as operating income (loss) before certain acquisition expenses (including ongoing legal costs stemming from the Ticketmaster merger, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), amortization of non-recoupable ticketing contract advances, depreciation and amortization (including goodwill impairment), loss (gain) on disposal of operating assets, and stock-based compensation expense. Due to the significant and non-recurring nature of the matters, we also exclude from AOI the impact of realized liabilities for settlements and expenses for regulatory compliance matters associated with the provision for losses arising from certain significant governmental investigations and litigations under ASC 450 - Contingencies, which are described under the heading “Governmental Investigations and Litigation” in Note 6 of the Notes to the Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Except as described above, ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. We use AOI to evaluate the performance of our operating segments. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.
AOI margin is a non-GAAP financial measure that we calculate by dividing AOI by revenue. We use AOI margin to evaluate the performance of our operating segments. We believe that information about AOI margin assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI margin is not calculated or presented in accordance with GAAP. A limitation of the use of AOI margin as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI margin should be considered in addition to, and not as a substitute for, operating income (loss) margin, and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI margin as presented herein may not be comparable to similarly titled measures of other companies.
Constant Currency is a non-GAAP financial measure when applied to a GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior period’s currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.
Free Cash Flow — Adjusted , or FCF, is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less changes in operating assets and liabilities, less maintenance capital expenditures, less distributions to noncontrolling interest partners. We use FCF among other measures, to evaluate the ability of operations to generate cash that is available for purposes other than maintenance capital expenditures. We believe that information about FCF provides investors with an important 9 perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures. FCF is not calculated or presented in accordance with GAAP. A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, FCF as presented herein may not be comparable to similarly titled measures of other companies.
Free Cash is a non-GAAP financial measure that we define as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaids. We use free cash as a proxy for how much cash we have available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures. Free cash is not calculated or presented in accordance with GAAP. A limitation of the use of free cash as a performance measure is that it does not necessarily represent funds available from operations and it is not necessarily a measure of our ability to fund our cash needs. Accordingly, free cash should be considered in addition to, and not as a substitute for, cash and cash equivalents and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash as presented herein may not be comparable to similarly titled measures of other companies. 10
September 30, December 31, 2026 2025 ────────────────────────────────────────────────────────────────────────────── -in thousands ASSETS Current assets Cash and cash $ 8,257,468 $ 7,094,200 equivalents Accounts receivable, less allowance of 3,289,064 2,009,055 $100,735 and $73,912, respectively Prepaid expenses 2,205,755 1,453,732 Other current 504,957 417,405 assets Total current 14,257,244 10,974,392 assets Property, plant and 4,313,065 3,415,771 equipment, net Operating lease 1,905,179 1,869,753 assets Intangible assets Definite-lived intangible assets, 1,302,144 1,078,453 net Indefinite-lived intangible assets, 368,971 369,015 net Goodwill 3,314,621 2,889,178 Long-term advances 549,650 631,071 Other long-term 1,885,029 1,684,900 assets Total assets $ 27,895,903 $ 22,912,533 LIABILITIES AND EQUITY Current liabilities Accounts payable, $ 3,189,182 $ 1,941,389 client accounts Accrued expenses and accounts 5,268,284 3,555,811 payable Deferred revenue 4,413,583 4,461,959 Current portion of 1,860,111 587,630 long-term debt, net Other current 253,103 482,061 liabilities Total current 14,984,263 11,028,850 liabilities Long-term debt, net 7,889,481 7,612,018 Long-term operating 2,155,584 2,036,974 lease liabilities Other long-term 532,234 415,844 liabilities Commitments and contingent liabilities Redeemable noncontrolling 1,146,991 924,472 interests Stockholders' equity Common stock 2,338 2,328 Additional paid-in 1,346,107 1,455,925 capital Accumulated deficit -688,801 -1,041,978 Cost of shares held -30,396 -30,396 in treasury Accumulated other -172,432 -114,872 comprehensive loss Total Live Nation stockholders' 456,816 271,007 equity Noncontrolling 730,534 623,368 interests Total equity 1,187,350 894,375 Total liabilities $ 27,895,903 $ 22,912,533 and equity
Nine Months Ended September 30, CASH FLOWS FROM 2026 OPERATING ACTIVITIES (in thousands) 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 589,741 $ 827,021 Reconciling items: Depreciation 331,641 281,122 Amortization of definite-lived 209,429 192,958 intangibles Amortization of non-recoupable 65,116 61,971 ticketing contract advances Deferred income 137,579 69,419 taxes Amortization of debt issuance costs and 17,455 13,392 discounts Stock-based 142,151 126,912 compensation expense Unrealized changes in fair value of 11,050 17,012 contingent consideration Equity in losses of nonconsolidated 15,939 16,525 affiliates, net of distributions Provision for uncollectible 30,850 19,385 accounts receivable Loss (gain) on sale of operating and 1,852 -19,390 fixed assets Gain on mark-to-market of investments in nonconsolidated -64,953 -10,341 affiliates and crypto assets Loss (gain) on forward currency -559 13,280 exchange contracts Other, net -11,061 -20,704 Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts -1,230,524 -753,810 receivable Increase in prepaid expenses and other -718,035 -401,117 assets Increase in accrued expenses, accounts 2,752,462 1,019,909 payable and other liabilities Decrease in deferred -179,713 -4,498 revenue Net cash provided by operating 2,100,420 1,449,046 activities CASH FLOWS FROM INVESTING ACTIVITIES Advances of notes -22,070 -58,543 receivable Collections of notes 10,489 21,600 receivable Disposal of operating assets, 8,160 25,232 net of cash sold Investments made in nonconsolidated -57,450 -29,225 affiliates Purchases of property, plant and -801,790 -709,797 equipment Cash paid for acquisition of -47,592 -20,800 right-of-use assets Cash paid for acquisitions, net of -572,326 -68,334 cash acquired Cash paid for acquisition of -18,910 -6,182 intangible rights Proceeds from sale — 20,040 of intangible assets Other, net 3,099 -6,758 Net cash used in -1,498,390 -832,767 investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from debt, net of debt issuance 1,625,019 948,154 costs Payments on debt including -257,214 -110,526 extinguishment costs Contributions from noncontrolling 23,376 14,002 interests Distributions to noncontrolling -206,868 -196,799 interests Purchases of noncontrolling -251,935 -851,183 interests, net of sales Proceeds from exercise of stock 5,229 5,054 options Taxes paid for net share settlement of -109,000 -119,666 equity awards Payments for deferred and -46,900 -10,984 contingent consideration Other, net -1,523 -832 Net cash provided by (used in) financing 780,184 -322,780 activities Effect of exchange rate changes on cash, -125,513 363,479 cash equivalents and restricted cash Net increase in cash, cash 1,256,701 656,978 equivalents and restricted cash Cash, cash equivalents and restricted 7,106,986 6,106,109 cash at beginning of period Cash, cash equivalents and restricted $ 8,363,687 $ 6,763,087 cash at end of period
Full text with the tables
Exhibit 99.1
LIVE NATION ENTERTAINMENT REPORTS THIRD QUARTER 2026 RESULTS
“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.”
–Michael Rapino, President and CEO
ARTISTS REACH MORE FANS WORLDWIDE DRIVING A RECORD QUARTER (3Q26 vs. 3Q25 unless
otherwise noted)
• Revenue of $10.1 billion, up 19%
• Operating income of $892 million, up 13%
• AOI of $1.18 billion, up 14%
• Global key operating metrics achieved new levels:
◦
Fan attendance of 61 million, up 19%
◦
Fee-bearing tickets of 98 million, up 10% and fee-bearing Gross Transaction
Value (GTV) of $11.2 billion, up 13%
• International markets drove global strength, including:
◦
Fan attendance up 29%, accounting for 60% of total fan growth
◦
Fee-bearing tickets up 20%, contributing 75% of total fee-bearing ticket growth
◦
Sponsorship AOI up 12% as international sponsorship surpassed North America in
operating income and AOI for the quarter
• Ticket sales for 2026 shows up 13% to approximately 170 million through late
October, already exceeding full-year 2025, with stadium, arena, and amphitheater
fan count each up mid-teens or higher
• Venue Nation attendance for the year now expected to exceed 75 million, up
more than 15% year-over-year
• Through Q3, ticketing GTV for primary tickets sold for 2027 shows up double-
digits compared to same point last year, driven by double-digit growth in North
America primary ticket volume
1
ARTISTS DRAW RECORD ATTENDANCE WORLDWIDE (3Q26 vs. 3Q25 unless otherwise noted)
• Revenue of $8.7 billion, up 20%
• AOI of $603 million, up 17%
• Global fan attendance of 61 million, up 19%, reflecting broad-based demand
across all regions and large venue types:
◦
North America up 13% with stadiums and amphitheaters driving 90% of the growth
◦
International up 29%, with all regions up at least 15%
◦
Fan attendance at third-party stadiums up over 40%, accounting for more than
half of global fan growth
• Concerts remain a high consumer priority:
◦
Ticket sales exceeded prior-year levels every month of 2026 through October
◦
Ticket sales for the month of October up over 20%, reflecting strong show
closings
◦
September marked an all-time monthly high for amphitheater attendance and number
of shows
◦
Sell-through rates are ahead of last year while cancellation rates pace below
year-to-date
• Record Q3 event-related deferred revenue of $3.8 billion, up 8%
• Prepaid advertising expense for 2027 shows up double-digits at the end of Q3
• Fan attendance now expected to approach 180 million for the full year,
delivering double-digit growth
• Concerts on track to deliver double-digit AOI growth for the full year
VENUE NATION EXPANDS STAGES FOR ARTISTS WORLDWIDE AND ENHANCES FAN
EXPERIENCES
• Venue Nation hosted 26 million fans in Q3, up 17% and now expected to host
over 75 million fans in 2026
◦
Arenas outside the U.S. expected to deliver 75% of owned or operated fan growth
at our large venues for the full year, with attendance now surpassing U.S.
amphitheaters
• Fans are choosing a range of experiences at our large U.S. amphitheaters, with
upgrade purchases and VIP revenue per ticket up double-digits while value menu
unit sales more than doubled
• Similar strength internationally, with onsite spending at our European arenas
up double-digits
• On track to open or acquire 10 large (over 3,000 capacity) venues through the
end of the year, which are expected to deliver over 5 million fans this year
with a run-rate of nearly 8 million
2
INTERNATIONAL SPONSORSHIP SURPASSES NORTH AMERICA (3Q26 vs. 3Q25 unless
otherwise noted)
• Revenue of $506 million, up 14%
• AOI of $350 million, up 12%
• International markets, led by ticket access, venues, and festivals,
contributed 65% of sponsorship revenue growth for the quarter
• Sponsorship AOI on track to grow double-digits for the full year
DEMAND FOR ARTISTS’ SHOWS DRIVES RECORD Q3 TICKETING RESULTS (3Q26 vs. 3Q25
unless otherwise noted)
• Revenue of $870 million, up 9%
• AOI of $316 million, up 10%
• Record fee-bearing ticket volume of 98 million, up 10%
◦
Concerts accounted for 95% of fee-bearing ticket growth, benefitting from
successful early 2027 on sales
◦
International markets contributed 75% of fee-bearing ticket growth
• Secondary ticket GTV flat, with growth in sports offsetting lower concert
resale activity, consistent with efforts to constrain scalper sales
• Net new ticketing agreements added 23 million tickets, over 70% from
international markets, expanding our ability to help artists and venues reach
fans
• Full-year AOI growth is now expected to be up high single-digits
3
STRONG CASH GENERATION SUPPORTS INVESTMENT IN MORE STAGES FOR ARTISTS
• Year-to-date operating cash flow of $2.1 billion, up 45% and free cash
flow—adjusted of $1.6 billion, up 25% with AOI to free cash flow—adjusted
conversion of 69%, up from 60% last year
• Full-year AOI to free cash flow—adjusted conversion expected to exceed last
year
• Year-to-date capital expenditures total $722 million, on track for full-year
spend of nearly $1.1 billion:
◦
$800 million directed toward expanding and improving venues, giving artists more
places to perform and fans better live experiences
◦
Approximately $200 million from funding by joint-venture partners, sponsorship
agreements, and other sources reduce venue cash requirements
◦
Remainder to focus on ticketing and sponsorship growth initiatives, as well as
ongoing maintenance requirements
BALANCE SHEET WELL-POSITIONED FOR CONTINUED VENUE INVESTMENT
• October refinancing extended maturities to 2031, providing additional
financial flexibility to fund venue expansion at an attractive cost of capital,
while euro-denominated debt aligns with our growing international business
• 80% of our debt is fixed-rate with a weighted average cost of debt of 4.3%
OTHER FINANCIAL STATEMENT DETAILS (vs. 2025)
• Depreciation and amortization expected to grow 12–15%
• Net interest expense is expected to be approximately $280 million
• Corporate / Other and Eliminations expense expected to increase in line with
AOI growth
• Income tax expense is expected to be 15–20% of AOI
• Since mid-year, full-year foreign exchange benefit reduced by approximately
$20 million
• Below-the-line items (full year):
◦
Noncontrolling interest expense is expected to be approximately $325 million.
This projection may be further impacted by mark-to-market revaluations of
investments and will have no impact to earnings per share, as any impact will be
offset in other income and expenses
◦
Accretion expense is projected to be one-third of last year’s, with continued
strong performance at OCESA and other partners
• 2026 share count not expected to change materially from 2025
4
Compare Our Operating Results to Past Quarters In The Trended Results Grid:
https://investors.livenationentertainment.com/financial-information/financial-
results
The company will webcast a teleconference today, November 5, 2026, at 2:00 p.m.
Pacific Time to discuss its financial performance, operational matters and
potentially other material developments. Interested parties should visit the
“News / Events” section of the company’s website at
investors.livenationentertainment.com to listen to the webcast. Supplemental
statistical and financial information to be provided on the call, if any, will
be posted to the “Financial Info” section of the website. A replay of the
webcast will also be available on the Live Nation website. The link to the 3Q26
Trended Results Grid is provided above for convenience and such grid is not a
part of, or incorporated into, this press release or any SEC filings that
include this press release.
Notice Regarding Financial Statements
The company has provided certain financial statements at the end of this press
release for reference. These financial statements should be read in conjunction
with the full financial statements, and the notes thereto, set forth in the
company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026
to be filed with the Securities and Exchange Commission today and available on
the SEC’s website at sec.gov .
About Live Nation Entertainment:
Live Nation Entertainment (NYSE: LYV) helps artists grow their careers through
live music, promoting shows that connect them with fans around the world. Since
2005, we've connected artists with more than 1.5 billion fans across 55
countries. A live concert is more than a show — it's a moment fans wait all year
for, travel for, and remember for a lifetime. Live Nation exists to make more of
those moments possible, helping artists grow their careers and bringing more
live music to more fans, everywhere. For more information, visit
investors.livenationentertainment.com .
5
FINANCIAL HIGHLIGHTS – THIRD QUARTER
(unaudited; $ in millions)
Q3
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Q3 Q3 20… at at
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T… 87… 79… 9 % -… 8… 8 %
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& 50… 44… 14 % -… 5… 13 %
A…
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a… -1… -2… * 0… -… *
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$ 10… $ 8,… 19 % $ -… $ 1… 19 %
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I…
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T… 31… 28… 10 % -… 3… 9 %
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& 35… 31… 12 % -… 3… 11 %
A…
O…
a… -4… -6… * 0… -… *
E…
C… -8… -7… -… % 0… -… -… %
$ 1,… $ 1,… 14 % $ 1… $ 1… 14 %
* Percentages are not meaningful
FINANCIAL HIGHLIGHTS – NINE MONTHS
(unaudited; $ in millions)
9 9
9 9 Mo… Mo… Ch…
Mo… Mo… 20… 20… at
20… 20… Cu… Co… Co…
R… Re… Re… Ch… Im… Cu… Cu…
──────────────────────────────────────────────────────────────────────────────
C… $ 17… $ 15… 14 % $ -… $ 1… 13 %
T… 2,… 2,… 11 % -… 2… 10 %
S…
& 1,… 99… 15 % -… 1… 12 %
A…
O…
a… -3… -5… * -… -… *
E…
$ 21… $ 18… 14 % $ -… $ 2… 13 %
C…
O… $ 1,… $ 1,… -… % $ 2… $ 1… -… %
I…
A…
O…
I…
(…
C… $ 91… $ 87… 4 % $ 1… $ 9… 5 %
T… 90… 82… 9 % -… 8… 7 %
S…
& 77… 67… 14 % -… 7… 12 %
A…
O…
a… -1… -1… * 0… -… *
E…
C… -2… -1… -7 % 0… -… -7 %
$ 2,… $ 2,… 9 % $ -… $ 2… 8 %
* Percentages are not meaningful
6
Reconciliation of Operating Income to Adjusted Operating Income
(unaudited; $ in millions)
9 Months 9 Months
Q3 2026 Q3 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Operating $ 892.0 $ 792.5 $ 1,043.4 $ 1,393.9
Income
Acquisition 32.4 33.1 132.7 141.8
expenses
Amortizati…
of
non-recoup… 16.9 16.5 65.1 62.0
ticketing
contract
advances
Depreciati…
and 183.3 165.6 541.1 474.1
amortizati…
Loss (gain)
on sale of 7.4 -14.9 -7.2 -17.9
operating
assets
Astroworld
loss — -0.6 — -8.4
contingenc…
Government…
Investigat… — — 450.0 —
and
Litigation
Stock-based
compensati… 47.3 40.8 142.2 126.9
expense
Adjusted
Operating $ 1,179.3 $ 1,033.0 $ 2,367.3 $ 2,172.4
Income
Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable
GAAP Measures
(unaudited; $ in millions)
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating
Activities
($ in millions) Q3 2026 Q3 2025
──────────────────────────────────────────────────────────────────────────────
Net cash used in operating $ -657.7 $ -95.7
activities
Changes in operating assets and 1,640.5 808.3
liabilities (working capital)
Changes in accrued liabilities
for — -0.6
Astroworld loss contingencies
Free cash flow from earnings $ 982.8 $ 712.0
Less: Maintenance capital -30.2 -30.7
expenditures
Distributions to noncontrolling -18.2 -32.0
interests
Free cash flow — adjusted $ 934.4 $ 649.3
Net cash used in investing $ -621.2 $ -340.4
activities
Net cash provided by financing $ 472.1 $ 175.7
activities
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating
Activities
($ in millions) 9 Months 2026 9 Months 2025
──────────────────────────────────────────────────────────────────────────────
Net cash provided by
operating $ 2,100.4 $ 1,449.0
activities
Changes in operating
assets and -624.2 139.5
liabilities (working
capital)
Changes in accrued
liabilities for — -8.4
Astroworld loss
contingencies
Governmental
Investigations and 450.0 —
Litigation
Free cash flow from $ 1,926.2 $ 1,580.1
earnings
Less: Maintenance -94.3 -79.8
capital expenditures
Distributions to
noncontrolling -206.9 -196.8
interests
Free cash flow — $ 1,625.0 $ 1,303.5
adjusted
Net cash used in $ -1,498.4 $ -832.8
investing activities
Net cash provided by
(used in) financing $ 780.2 $ -322.8
activities
7
Reconciliation of Free Cash to Cash and Cash Equivalents
September 30, September 30,
($ in millions) 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 8,257.5 $ 6,750.5
equivalents
Short-term 69.1 67.6
investments
Client cash -2,669.5 -2,058.9
Deferred revenue — -3,818.3 -3,545.5
event-related
Accrued artist fees -465.9 -441.4
Collections on behalf -343.8 -153.4
of others
Prepaid expenses — 1,277.5 891.5
event-related
Free cash $ 2,306.6 $ 1,510.4
8
Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations:
Certain statements in this press release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to statements regarding
anticipated Concerts fan attendance in 2026; the company’s being on track to
deliver another record year in 2026 and sustain double-digit growth for years to
come; expected adjusted operating income growth in the company’s Concerts
business for 2026; expectations for Venue Nation’s fan count for 2026 and the
anticipated contribution to this growth from arenas outside the U.S.;
anticipated openings/acquisitions of large venues by the end of 2026, as well as
the fan contribution and run-rates from these venues; anticipated adjusted
operating income growth in the company’s Sponsorship business for 2026; expected
adjusted operating income growth in the company’s Ticketmaster business for
2026; expectations for full-year adjusted operating income to free cash
flow—adjusted conversion rates; the company’s anticipated capital expenditures
in 2026, including the planned allocation and source of these funds; the
positioning of the company’s balance sheet for continued venue investment; the
company’s full-year 2026 expectations for depreciation and amortization, net
interest expense, Corporate / Other and Eliminations expense, income tax
expense, foreign exchange impacts, noncontrolling interest expense, accretion
expense, and share count.
Live Nation wishes to caution you that there are some known and unknown factors
that could cause actual results to differ materially from any future results,
performance or achievements expressed or implied by such forward-looking
statements, including but not limited to operational challenges in achieving
strategic objectives and executing on the company's plans, the risk that the
company's markets do not evolve as anticipated, the potential impact of any
economic slowdown and operational challenges associated with selling tickets and
staging events.
Live Nation refers you to the documents it files from time to time with the U.S.
Securities and Exchange Commission, or SEC, specifically the section titled
“Item 1A. Risk Factors” of the company’s most recent Annual Report filed on Form
10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K,
which contain and identify other important factors that could cause actual
results to differ materially from those contained in the company’s projections
or forward-looking statements. You are cautioned not to place undue reliance on
these forward-looking statements which speak only as of the date on which they
are made. All subsequent written and oral forward-looking statements by or
concerning Live Nation are expressly qualified in their entirety by the
cautionary statements above. Live Nation does not undertake any obligation to
publicly update or revise any forward-looking statements because of new
information, future events or otherwise.
This press release contains certain non-GAAP financial measures as defined by
SEC Regulation G. A reconciliation of each such measure to its most directly
comparable GAAP financial measure, together with an explanation of why
management believes that these non-GAAP financial measures provide useful
information to investors, is provided herein.
Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that
we define as operating income (loss) before certain acquisition expenses
(including ongoing legal costs stemming from the Ticketmaster merger, changes in
the fair value of accrued acquisition-related contingent consideration
obligations, and acquisition-related severance and compensation), amortization
of non-recoupable ticketing contract advances, depreciation and amortization
(including goodwill impairment), loss (gain) on disposal of operating assets,
and stock-based compensation expense. Due to the significant and non-recurring
nature of the matters, we also exclude from AOI the impact of realized
liabilities for settlements and expenses for regulatory compliance matters
associated with the provision for losses arising from certain significant
governmental investigations and litigations under ASC 450 - Contingencies, which
are described under the heading “Governmental Investigations and Litigation” in
Note 6 of the Notes to the Consolidated Financial Statements in our Quarterly
Report on Form 10-Q for the quarter ended June 30, 2026. Except as described
above, ongoing legal costs associated with defense of these claims, such as
attorney fees, are not excluded from AOI. We use AOI to evaluate the performance
of our operating segments. We believe that information about AOI assists
investors by allowing them to evaluate changes in the operating results of our
portfolio of businesses separate from non-operational factors that affect net
income (loss), thus providing insights into both operations and the other
factors that affect reported results. AOI is not calculated or presented in
accordance with GAAP. A limitation of the use of AOI as a performance measure is
that it does not reflect the periodic costs of certain amortizing assets used in
generating revenue in our business. Accordingly, AOI should be considered in
addition to, and not as a substitute for, operating income (loss), net income
(loss), and other measures of financial performance reported in accordance with
GAAP. Furthermore, this measure may vary among other companies; thus, AOI as
presented herein may not be comparable to similarly titled measures of other
companies.
AOI margin is a non-GAAP financial measure that we calculate by dividing AOI by
revenue. We use AOI margin to evaluate the performance of our operating
segments. We believe that information about AOI margin assists investors by
allowing them to evaluate changes in the operating results of our portfolio of
businesses separate from non-operational factors that affect net income (loss),
thus providing insights into both operations and the other factors that affect
reported results. AOI margin is not calculated or presented in accordance with
GAAP. A limitation of the use of AOI margin as a performance measure is that it
does not reflect the periodic costs of certain amortizing assets used in
generating revenue in our business. Accordingly, AOI margin should be considered
in addition to, and not as a substitute for, operating income (loss) margin, and
other measures of financial performance reported in accordance with GAAP.
Furthermore, this measure may vary among other companies; thus, AOI margin as
presented herein may not be comparable to similarly titled measures of other
companies.
Constant Currency is a non-GAAP financial measure when applied to a GAAP
financial measure. We calculate currency impacts as the difference between
current period activity translated using the current period’s currency exchange
rates and the comparable prior period’s currency exchange rates. We present
constant currency information to provide a framework for assessing how our
underlying businesses performed excluding the effect of foreign currency rate
fluctuations.
Free Cash Flow — Adjusted , or FCF, is a non-GAAP financial measure that we
define as net cash provided by (used in) operating activities less changes in
operating assets and liabilities, less maintenance capital expenditures, less
distributions to noncontrolling interest partners. We use FCF among other
measures, to evaluate the ability of operations to generate cash that is
available for purposes other than maintenance capital expenditures. We believe
that information about FCF provides investors with an important
9
perspective on the cash available to service debt, make acquisitions, and for
revenue generating capital expenditures. FCF is not calculated or presented in
accordance with GAAP. A limitation of the use of FCF as a performance measure is
that it does not necessarily represent funds available for operations and is not
necessarily a measure of our ability to fund our cash needs. Accordingly, FCF
should be considered in addition to, and not as a substitute for, net cash
provided by (used in) operating activities and other measures of financial
performance reported in accordance with GAAP. Furthermore, this measure may vary
among other companies; thus, FCF as presented herein may not be comparable to
similarly titled measures of other companies.
Free Cash is a non-GAAP financial measure that we define as cash and cash
equivalents less ticketing-related client funds, less event-related deferred
revenue, less accrued expenses due to artists and cash collected on behalf of
others, plus event-related prepaids. We use free cash as a proxy for how much
cash we have available to, among other things, optionally repay debt balances,
make acquisitions and fund revenue generating capital expenditures. Free cash is
not calculated or presented in accordance with GAAP. A limitation of the use of
free cash as a performance measure is that it does not necessarily represent
funds available from operations and it is not necessarily a measure of our
ability to fund our cash needs. Accordingly, free cash should be considered in
addition to, and not as a substitute for, cash and cash equivalents and other
measures of financial performance reported in accordance with GAAP. Furthermore,
this measure may vary among other companies; thus, free cash as presented herein
may not be comparable to similarly titled measures of other companies.
10
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
-in thousands
ASSETS
Current assets
Cash and cash $ 8,257,468 $ 7,094,200
equivalents
Accounts
receivable, less
allowance of 3,289,064 2,009,055
$100,735 and
$73,912,
respectively
Prepaid expenses 2,205,755 1,453,732
Other current 504,957 417,405
assets
Total current 14,257,244 10,974,392
assets
Property, plant and 4,313,065 3,415,771
equipment, net
Operating lease 1,905,179 1,869,753
assets
Intangible assets
Definite-lived
intangible assets, 1,302,144 1,078,453
net
Indefinite-lived
intangible assets, 368,971 369,015
net
Goodwill 3,314,621 2,889,178
Long-term advances 549,650 631,071
Other long-term 1,885,029 1,684,900
assets
Total assets $ 27,895,903 $ 22,912,533
LIABILITIES AND
EQUITY
Current liabilities
Accounts payable, $ 3,189,182 $ 1,941,389
client accounts
Accrued expenses
and accounts 5,268,284 3,555,811
payable
Deferred revenue 4,413,583 4,461,959
Current portion of 1,860,111 587,630
long-term debt, net
Other current 253,103 482,061
liabilities
Total current 14,984,263 11,028,850
liabilities
Long-term debt, net 7,889,481 7,612,018
Long-term operating 2,155,584 2,036,974
lease liabilities
Other long-term 532,234 415,844
liabilities
Commitments and
contingent
liabilities
Redeemable
noncontrolling 1,146,991 924,472
interests
Stockholders'
equity
Common stock 2,338 2,328
Additional paid-in 1,346,107 1,455,925
capital
Accumulated deficit -688,801 -1,041,978
Cost of shares held -30,396 -30,396
in treasury
Accumulated other -172,432 -114,872
comprehensive loss
Total Live Nation
stockholders' 456,816 271,007
equity
Noncontrolling 730,534 623,368
interests
Total equity 1,187,350 894,375
Total liabilities $ 27,895,903 $ 22,912,533
and equity
11
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three
Months
Ended
Septem…
30,
2026
(in
thousa…
except Nine
share Months
and Ended
per Septe…
share 30,
data) 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Reve… $ 10,10… $ 8,499,… $ 21,564… $ 18,88…
Oper…
expe…
Dire…
oper… 7,747… 6,437,… 15,949… 13,90…
expe…
Sell…
gene…
and 1,161… 1,008,… 3,257,… 2,790…
admi…
expe…
Depr…
and 183,3… 165,600 541,070 474,0…
amor…
Loss
(gai…
on
disp… 7,351 -14,851 -7,187 -17,9…
of
oper…
asse…
Corp… 113,8… 110,205 779,997 344,1…
expe…
Oper… 891,9… 792,451 1,043,… 1,393…
inco…
Inte… 102,1… 80,291 289,866 232,6…
expe…
Inte… -40,4… -36,659 -122,6… -108,…
inco…
Equi…
in
loss… 3,875 5,209 11,217 462
of
nonc…
affi…
Other
expe… 1,479 13,792 -66,536 53,125
(inc…
net
Inco…
befo… 824,9… 729,818 931,416 1,216…
inco…
taxes
Inco…
tax 258,0… 251,840 341,675 389,1…
expe…
Net 566,8… 477,978 589,741 827,0…
inco…
Net
inco…
attr… 119,0… 46,520 236,564 128,9…
to
nonc…
inte…
Net
inco…
attr…
to
comm… $ 447,8… $ 431,458 $ 353,177 $ 698,0…
stoc…
of
Live
Nati…
Basic
net
inco…
per
comm…
share
avai… $ 1.74 $ 0.74 $ 0.96 $ 0.83
to
comm…
stoc…
of
Live
Nati…
Dilu…
net
inco…
per
comm…
share
avai… $ 1.69 $ 0.73 $ 0.95 $ 0.82
to
comm…
stoc…
of
Live
Nati…
Weig…
aver…
comm…
shar…
outs…
Basic 233,1… 232,04… 232,78… 231,7…
Dilu… 256,3… 234,75… 235,07… 234,7…
Reco…
to
net
inco…
avai…
to
comm…
stoc…
of
Live
Nati…
Net
inco…
attr…
to
comm… $ 447,8… $ 431,458 $ 353,177 $ 698,0…
stoc…
of
Live
Nati…
Accr…
of
rede… -42,5… -259,8… -130,4… -505,…
nonc…
inte…
Net
inco…
avai…
to
comm… $ 405,2… $ 171,608 $ 222,755 $ 192,3…
stoc…
of
Live
Nati…
Conv…
debt
inte… 27,498 — — —
net
of
tax
Net
inco…
avai…
to
comm… $ 432,7… $ 171,608 $ 222,755 $ 192,3…
stoc…
of
Live
Nati…
12
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months Ended
September 30,
CASH FLOWS FROM 2026
OPERATING ACTIVITIES (in thousands) 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 589,741 $ 827,021
Reconciling items:
Depreciation 331,641 281,122
Amortization of
definite-lived 209,429 192,958
intangibles
Amortization of
non-recoupable 65,116 61,971
ticketing
contract advances
Deferred income 137,579 69,419
taxes
Amortization of debt
issuance costs and 17,455 13,392
discounts
Stock-based 142,151 126,912
compensation expense
Unrealized changes
in fair value of 11,050 17,012
contingent
consideration
Equity in losses of
nonconsolidated 15,939 16,525
affiliates, net of
distributions
Provision for
uncollectible 30,850 19,385
accounts
receivable
Loss (gain) on sale
of operating and 1,852 -19,390
fixed assets
Gain on
mark-to-market of
investments in
nonconsolidated -64,953 -10,341
affiliates and
crypto
assets
Loss (gain) on
forward currency -559 13,280
exchange
contracts
Other, net -11,061 -20,704
Changes in operating
assets and
liabilities, net of
effects of
acquisitions and
dispositions:
Increase in accounts -1,230,524 -753,810
receivable
Increase in prepaid
expenses and other -718,035 -401,117
assets
Increase in accrued
expenses, accounts 2,752,462 1,019,909
payable and other
liabilities
Decrease in deferred -179,713 -4,498
revenue
Net cash provided by
operating 2,100,420 1,449,046
activities
CASH FLOWS FROM
INVESTING ACTIVITIES
Advances of notes -22,070 -58,543
receivable
Collections of notes 10,489 21,600
receivable
Disposal of
operating assets, 8,160 25,232
net of
cash sold
Investments made in
nonconsolidated -57,450 -29,225
affiliates
Purchases of
property, plant and -801,790 -709,797
equipment
Cash paid for
acquisition of -47,592 -20,800
right-of-use assets
Cash paid for
acquisitions, net of -572,326 -68,334
cash
acquired
Cash paid for
acquisition of -18,910 -6,182
intangible
rights
Proceeds from sale — 20,040
of intangible assets
Other, net 3,099 -6,758
Net cash used in -1,498,390 -832,767
investing activities
CASH FLOWS FROM
FINANCING ACTIVITIES
Proceeds from debt,
net of debt issuance 1,625,019 948,154
costs
Payments on debt
including -257,214 -110,526
extinguishment costs
Contributions from
noncontrolling 23,376 14,002
interests
Distributions to
noncontrolling -206,868 -196,799
interests
Purchases of
noncontrolling -251,935 -851,183
interests,
net of sales
Proceeds from
exercise of stock 5,229 5,054
options
Taxes paid for net
share settlement of -109,000 -119,666
equity awards
Payments for
deferred and -46,900 -10,984
contingent
consideration
Other, net -1,523 -832
Net cash provided by
(used in) financing 780,184 -322,780
activities
Effect of exchange
rate changes on
cash, -125,513 363,479
cash equivalents and
restricted cash
Net increase in
cash, cash 1,256,701 656,978
equivalents
and restricted cash
Cash, cash
equivalents and
restricted 7,106,986 6,106,109
cash at beginning of
period
Cash, cash
equivalents and
restricted $ 8,363,687 $ 6,763,087
cash at end of
period
13