Live Nation Entertainment (LYV) reported third-quarter revenue of $10.1 billion, up 19% from a year earlier, after 9% growth in the second quarter. Adjusted operating income rose 14% to $1.18 billion, accelerating from 2% growth in the prior quarter.

The live-music promoter said the acceleration was concentrated in Concerts. Concerts revenue rose 20% to $8.7 billion, up from 8% growth in the second quarter. Concerts adjusted operating income rose 17% to $603 million after a 14% decline in the prior quarter, when the company attributed the drop to stadium-show timing, venue pre-opening costs, and new international festivals.

Global fan attendance rose 19% to 61 million, after 10% growth in the second quarter. North America attendance rose 13%, with stadiums and amphitheaters driving 90% of that growth. International attendance rose 29%, with all regions up at least 15%. Fan attendance at third-party stadiums rose more than 40%, accounting for more than half of global fan growth. International markets accounted for 60% of total fan growth.

President and Chief Executive Officer Michael Rapino said that through October the company had sold 170 million tickets, up 13% and already ahead of all of last year, and that it now expects to welcome nearly 180 million fans in 2026. Fan attendance is now expected to approach 180 million for the full year, delivering double-digit growth. Concerts is on track to deliver double-digit adjusted operating income growth for the full year, the company said.

Ticket sales for 2026 shows were up 13% to approximately 170 million through late October, already exceeding full-year 2025. Stadium, arena, and amphitheater fan counts were each up mid-teens or higher. October ticket sales were up more than 20%. September marked an all-time monthly high for amphitheater attendance and number of shows. Sell-through rates were ahead of last year while cancellation rates paced below year-to-date. Event-related deferred revenue was a record $3.8 billion at the end of the third quarter, up 8%. Prepaid advertising expense for 2027 shows was up double-digits at quarter-end.

Venue Nation hosted 26 million fans in the quarter, up 17%, and is now expected to host over 75 million fans in 2026, up more than 15% year-over-year. Arenas outside the U.S. are expected to deliver 75% of owned or operated fan growth at large venues for the full year, with attendance now surpassing U.S. amphitheaters. The company is on track to open or acquire 10 large venues of more than 3,000 capacity through year-end, which it expects to deliver over 5 million fans this year with a run-rate of nearly 8 million.

Sponsorship & Advertising revenue rose 14% to $506 million and adjusted operating income rose 12% to $350 million. International markets, led by ticket access, venues, and festivals, contributed 65% of sponsorship revenue growth. International sponsorship surpassed North America in operating income and adjusted operating income for the quarter. Sponsorship adjusted operating income is on track to grow double-digits for the full year.

Ticketing revenue rose 9% to $870 million and adjusted operating income rose 10% to $316 million. Fee-bearing tickets reached a record 98 million, up 10%, with Concerts accounting for 95% of fee-bearing ticket growth and international markets contributing 75% of that growth. Fee-bearing gross transaction value rose 13% to $11.2 billion. Secondary ticket GTV was flat, with growth in sports offsetting lower concert resale activity. Net new ticketing agreements added 23 million tickets, over 70% from international markets. Full-year Ticketing adjusted operating income growth is now expected to be up high single-digits. Through the third quarter, ticketing GTV for primary tickets sold for 2027 shows was up double-digits versus the same point last year.

For the nine months ended September 30, 2026, operating cash flow was $2.1 billion, up 45%, and free cash flow—adjusted was $1.6 billion, up 25%, with adjusted operating income to free cash flow—adjusted conversion of 69%, up from 60% last year. Full-year conversion is expected to exceed last year. Year-to-date capital expenditures totaled $722 million, on track for full-year spend of nearly $1.1 billion, of which $800 million is directed toward expanding and improving venues. An October refinancing extended maturities to 2031. Eighty percent of debt is fixed-rate with a weighted average cost of 4.3%.