Live Nation Entertainment, Inc. (LYV) Cash Flow Statement
Where LYV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.40B −19.1% vs 2024
- Capital expenditures
- $1.09B 4.3% of revenue
- Free cash flow
- $305.0M 1.2% margin
- Returned to shareholders
- $23.5M 8% of free cash flow
- Change in cash
- $1.00B cash at year-end $7.11B
Cash from operations
$1.40B
Capital expenditures
−$1.09B
Acquisitions & other
−$136.1M
Share buybacks (net)
−$23.5M
Net borrowing (repayment)
+$1.67B
Other financing
−$1.24B
Currency & other
+$425.5M
Change in cash
$1.00B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LYV operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
LYV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $598.7M2016 | $1.40B2025 | +9.9%/yr | |
| Capital expenditures | $180.1M2016 | $1.09B2025 | +22.2%/yr | |
| Free cash flow | $418.7M2016 | $305.0M2025 | −3.5%/yr | |
| Free cash flow margin | 5.3%2016 | 1.2%2025 | −4.1 pts | |
| Operating cash flow / net income | 29.502016 | 2.022025 | −27.48 | |
| Stock-based compensation | $32.7M2016 | $155.2M2025 | +18.9%/yr | |
| Dividends paid | $55.1M2016 | $76.9M2022 | +5.7%/yr | |
| Share buybacks (net) | $4.1M2016 | $23.5M2025 | +21.4%/yr | |
| Capex / revenue | 2.3%2016 | 4.3%2025 | +2.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LYV cash flow by activity
OperatingInvestingFinancingChange in cash
LYV net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LYV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $690.7M | $1.13B | $703.8M | $409.2M | −$608.8M | −$1.83B | $118.2M | $90.3M | $7.8M | $20.3M |
| Depreciation & amortization | $638.9M | $549.9M | $516.8M | $450.0M | $416.3M | $485.0M | $444.0M | $386.5M | $455.5M | $403.7M |
| Stock-based compensation | $155.2M | $110.3M | $116.0M | $110.0M | $209.3M | $116.9M | $48.8M | $45.6M | $42.8M | $32.7M |
| Change in working capital | −$287.7M | $651.1M | −$137.3M | $637.9M | $1.77B | $79.5M | −$287.9M | $266.3M | $129.0M | $82.2M |
| Other non-cash items | $198.2M | −$717.3M | $163.7M | $228.0M | −$10.3M | $63.0M | $146.7M | $152.8M | −$11.5M | $59.9M |
| Cash from operating activities | $1.40B | $1.73B | $1.36B | $1.84B | $1.78B | −$1.08B | $469.8M | $941.6M | $623.5M | $598.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.09B | −$675.2M | −$475.3M | −$353.3M | −$159.8M | −$222.6M | −$365.8M | −$275.5M | −$249.4M | −$180.1M |
| Investments (net) | — | −$854.3M | −$888.9M | −$784.7M | −$25.2M | $31.8M | −$691.0M | −$103.3M | −$44.3M | −$46.1M |
| Acquisitions & other investing | −$136.1M | $675.2M | $668.4M | $353.3M | −$381.9M | −$33.2M | $365.8M | −$118.2M | −$33.9M | −$200.3M |
| Cash from investing activities | −$1.23B | −$854.3M | −$695.8M | −$784.7M | −$567.0M | −$224.1M | −$691.0M | −$496.9M | −$327.6M | −$426.5M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$76.9M | −$45.8M | −$16.9M | −$1.2M | −$59.2M | −$46.0M | −$55.1M |
| Share repurchases & issuance (net) | −$23.5M | $26.1M | −$9.5M | −$76.9M | −$45.8M | −$47.5M | −$15.4M | −$55.0M | −$5.5M | −$4.1M |
| Net borrowing (repayment) | $1.67B | −$287.9M | $330.4M | $76.5M | $794.1M | $1.58B | $500.1M | $458.3M | −$49.9M | $237.6M |
| Shares issued | $0 | $0 | $0 | $215,000 | $449.6M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.24B | −$396.7M | −$408.2M | −$66.2M | $19.3M | −$161.9M | −$154.6M | −$155.3M | −$25.7M | −$79.2M |
| Cash from financing activities | $406.5M | −$658.5M | −$87.3M | −$143.3M | $1.17B | $1.35B | $328.9M | $188.8M | −$127.1M | $99.2M |
| Summary | ||||||||||
| Net change in cash | $1.00B | −$132.8M | $618.8M | $732.4M | $2.34B | $72.2M | $96.0M | $549.4M | $298.7M | $223.5M |
| Cash at end of period | $7.11B | $6.11B | $6.24B | $5.61B | $4.89B | $2.55B | $2.47B | $2.38B | $1.83B | $1.53B |
| Free cash flow | $305.0M | $1.05B | $887.7M | $1.48B | $1.62B | −$1.31B | $104.0M | $666.1M | $374.1M | $418.7M |
| Free cash flow margin | 1.2% | 4.5% | 3.9% | 8.9% | 25.9% | −70.2% | 0.9% | 6.2% | 3.9% | 5.3% |
| Capex / revenue | 4.3% | 2.9% | 2.1% | 2.1% | 2.5% | 12.0% | 3.2% | 2.6% | 2.6% | 2.3% |
| Operating cash flow / net income | 2.02 | 1.53 | 1.94 | 4.48 | — | — | 3.97 | 10.42 | 80.21 | 29.50 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $402.9M | −$380.0M | −$136.3M | $478.0M | $302.7M | $46.3M | $281.9M | $640.8M | $298.0M | −$129.6M | −$181.9M | $553.7M |
| Depreciation & amortization | $188.5M | $169.3M | $164.8M | $165.6M | $159.0M | $149.5M | $142.6M | $137.0M | $158.9M | $156.7M | $134.4M | $130.7M |
| Stock-based compensation | $62.0M | $32.8M | $28.3M | $40.8M | $61.5M | $24.6M | $24.9M | $25.7M | $28.3M | $31.4M | $30.1M | $30.6M |
| Change in working capital | −$281.3M | $2.55B | −$148.2M | −$808.3M | −$387.8M | $1.06B | $1.26B | −$824.7M | −$92.7M | $927.9M | $568.1M | −$1.62B |
| Other non-cash items | $47.2M | −$29.3M | $37.7M | $28.2M | $88.0M | $44.3M | −$664.0M | −$699.7M | $19.6M | $2.5M | $57.7M | $9.4M |
| Cash from operating activities | $419.3M | $2.34B | −$53.7M | −$95.7M | $223.5M | $1.32B | $1.05B | −$720.9M | $412.1M | $988.9M | $608.4M | −$892.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$289.5M | −$309.0M | −$359.7M | −$275.6M | −$263.4M | −$191.6M | −$175.0M | −$166.5M | −$188.0M | −$145.7M | −$133.7M | −$103.9M |
| Investments (net) | — | — | — | −$340.3M | −$275.0M | −$217.4M | −$211.5M | −$208.4M | −$263.7M | −$170.7M | −$231.8M | −$164.8M |
| Acquisitions & other investing | −$169.9M | −$108.8M | −$33.9M | $275.6M | $263.4M | $191.6M | $175.0M | $166.5M | $188.0M | $145.7M | $133.7M | $103.9M |
| Cash from investing activities | −$459.5M | −$417.7M | −$393.7M | −$340.3M | −$275.0M | −$217.4M | −$211.5M | −$208.4M | −$263.7M | −$170.7M | −$231.8M | −$164.8M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$2.8M |
| Share repurchases & issuance (net) | — | — | −$23.5M | $5.1M | $3.4M | $2.6M | −$18.9M | −$2.3M | −$13.1M | −$25.5M | −$483,000 | −$537,000 |
| Net borrowing (repayment) | $564.8M | $219.6M | $827.5M | $878.5M | $34.9M | −$75.8M | $94.6M | −$6.3M | — | — | — | −$10.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$374.2M | −$102.1M | −$74.7M | −$707.9M | −$363.6M | −$100.0M | −$41.9M | −$40.9M | −$151.6M | −$452.9M | −$131.7M | −$15.2M |
| Cash from financing activities | $190.6M | $117.5M | $729.3M | $175.7M | −$325.3M | −$173.2M | $33.9M | −$49.5M | −$164.6M | −$478.4M | −$132.2M | −$28.6M |
| Summary | ||||||||||||
| Net change in cash | $80.7M | $1.98B | $343.9M | −$306.5M | −$98.6M | $1.06B | $605.3M | −$908.7M | −$99.8M | $270.4M | $283.6M | −$1.18B |
| Cash at end of period | $9.17B | $9.09B | $7.11B | $6.76B | $7.07B | $7.17B | $6.11B | $5.50B | $6.41B | $6.51B | $6.24B | $5.96B |
| Free cash flow | $129.7M | $2.03B | −$413.5M | −$371.3M | −$39.9M | $1.13B | $870.1M | −$887.4M | $224.1M | $843.1M | $474.6M | −$996.1M |
| Free cash flow margin | 1.7% | 53.5% | −6.5% | −4.4% | −0.6% | 33.4% | 15.3% | −11.6% | 3.7% | 22.2% | 8.1% | −12.2% |
| Capex / revenue | 3.8% | 8.1% | 5.7% | 3.2% | 3.8% | 5.7% | 3.1% | 2.2% | 3.1% | 3.8% | 2.3% | 1.3% |
| Operating cash flow / net income | 1.04 | — | — | −0.20 | 0.74 | 28.54 | 3.71 | −1.13 | 1.38 | — | — | −1.61 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LYV cash generation
In fiscal 2025 (ended December 31, 2025), Live Nation generated $1.4 billion of cash from operations (down 19.1%) and spent $1.1 billion on capital expenditures, leaving free cash flow of $305.0 million, 1.2% of revenue. It returned $23.5 million to shareholders through dividends ($0) and net share buybacks ($23.5 million). Cash and equivalents rose by $1.0 billion over the year.
Related: LYV income statement, LYV balance sheet. See the LYV stock overview for the latest quote and news.
LYV cash flow FAQ
What is Live Nation's free cash flow?
Live Nation's free cash flow was $305.0 million in fiscal 2025: $1.4 billion of operating cash flow minus $1.1 billion of capital expenditures It was $1.1 billion a year earlier..
How much cash does Live Nation generate from operations?
Live Nation generated $1.4 billion of cash from operating activities in fiscal 2025, 2.02 times its net income of $690.7 million.
How much does Live Nation spend on capital expenditures?
Live Nation spent $1.1 billion on capital expenditures in fiscal 2025, 4.3% of revenue, compared with $675.2 million the year before.
How much stock does Live Nation buy back?
Live Nation spent $23.5 million on net share repurchases in fiscal 2025.