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LLYVK

Liberty Live Group

LLYVK

Liberty Live Group • NASDAQ
$79.21 ▲ 0.10% (+0.08)
Market Cap $7.28 B
52w High $102.62
52w Low $60.55
Dividend Yield 0%
P/E -20.47
Volume 121.66K
Outstanding Shares 91.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.085B ▲ $305M ▲ $33M ▲ 3.041% ▲ $0 ▲ $227M ▲
Q2-2025 $0 $7M ▲ $-178M ▼ 0% $-1.94 ▼ $-219M ▼
Q1-2025 $0 $4M $-17M ▲ 0% $-0.19 ▲ $71M ▲
Q4-2024 $0 $4M ▲ $-107M ▼ 0% $-1.17 ▼ $-131M ▼
Q3-2024 $0 $3M $15M 0% $0.16 $28M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.588B ▲ $17.821B ▲ $9.731B ▲ $7.376B ▲
Q2-2025 $308M ▼ $1.371B ▲ $1.86B ▲ $-511M ▼
Q1-2025 $314M ▼ $1.231B ▲ $1.583B ▲ $-374M ▼
Q4-2024 $325M ▼ $1.223B ▼ $1.56B ▲ $-359M ▼
Q3-2024 $388M $1.255B $1.438B $-206M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $233.897M ▲ $697.36M ▲ $-3.008B ▼ $906.513M ▲ $1.458B ▲ $733.76M ▲
Q2-2025 $-178M ▼ $-6M ▼ $0 ▲ $0 ▲ $-6M ▲ $-6M ▼
Q1-2025 $77M ▲ $140M ▲ $-296M ▼ $-11M ▲ $-167M ▼ $113M ▲
Q4-2024 $-109M ▼ $-3M ▲ $0 ▲ $-60M ▼ $-63M ▼ $-3M ▲
Q3-2024 $15M $-4M $-3M $-11M $-18M $-4M

Five-Year Company Overview

Income Statement

Income Statement Liberty Live Group is very early in its life as a separate tracking stock, so its own income statement is still thin and a bit noisy. Recent results suggest it has only a modest amount of revenue and is hovering around break-even at the operating level, with a move from small losses toward a small operating profit. Profitability at the Liberty Live level is mainly a reflection of its holdings in Live Nation and related assets, not a traditional operating business with its own large sales base. Investors should expect earnings to be somewhat volatile and heavily influenced by Live Nation’s performance, accounting marks, and corporate structuring rather than by organic growth at Liberty Live itself.

Balance Sheet

Balance Sheet The balance sheet looks more like an investment holding vehicle than a conventional operating company. Assets have grown, and there is a reasonable cash cushion, but debt is quite large relative to those assets. Equity is negative, which signals a leveraged capital structure and the quirks of tracking-stock accounting rather than a classic, well-capitalized operating firm. This means the group is financially geared to the value and performance of its underlying holdings, making it more sensitive to changes in asset values, interest rates, and financing conditions.

Cash Flow

Cash Flow Cash generation at the Liberty Live level is weak so far. Operating cash flow has been slightly negative for multiple years, and free cash flow follows the same pattern. The business is capital-light in terms of its own spending, but it does not yet appear self-funding purely from operations. Instead, its economics are tied to cash flows and value created at the underlying assets, especially Live Nation, plus any financing moves at the Liberty Media level. This structure can work well in good markets but can limit flexibility when conditions are tougher or when access to capital tightens.

Competitive Edge

Competitive Edge Liberty Live’s competitive position is essentially the competitive position of Live Nation, which is very strong. Live Nation benefits from a powerful, vertically integrated model: it promotes concerts, owns and operates many of the venues, controls ticketing via Ticketmaster, and sells sponsorships on top. This creates a reinforcing “flywheel,” where scale attracts top artists, which draws fans and sponsors, which then funds more venues and technology. Network effects, exclusive contracts with venues, and deep artist relationships form high barriers to entry. On the flip side, this dominance draws regulatory and political scrutiny, and the business remains exposed to swings in consumer spending and event attendance.

Innovation and R&D

Innovation and R&D Innovation here is less about classic lab R&D and more about technology, data, and new live experiences. Ticketmaster is pushing digital ticketing, anti-fraud tech, and tight integration with social platforms to deepen fan engagement and gather better data. Live Nation uses analytics and artificial intelligence for dynamic pricing, personalized marketing, and smarter event planning. It is also investing in augmented and virtual reality concepts, livestreaming infrastructure, and upgraded venues designed for premium and immersive experiences. These efforts help reinforce the moat but come with execution risks, potential consumer pushback on pricing, and ongoing regulatory attention to ticketing practices.

Summary

Liberty Live Group is effectively a leveraged, tracking-stock wrapper around a major stake in Live Nation rather than a stand-alone operating company with a long track record. Its reported income statement and cash flows are still small and somewhat choppy, while the balance sheet shows meaningful leverage and negative equity, typical of a financial holding structure. The underlying business exposure, however, is to one of the most dominant players in global live entertainment, with a strong competitive position built on vertical integration, scale, and continuous technology-driven innovation. Key things to watch include regulatory developments around Live Nation and Ticketmaster, the execution of venue expansion and international growth, the planned split into Liberty Live, Inc., and how the leveraged structure behaves across different economic and interest-rate environments.

NEWS

October 29, 2025 · 11:30 AM UTC

John C. Malone to Transition to Chairman Emeritus of Liberty Media Corporation

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October 16, 2025 · 2:52 PM UTC

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