Key Themes & Expectations heading into 2Q26 results for Live Entertainment; Reiterate Buy on LYV & SPHR; Downgrade MSGE to Neutral

Research evidence excerpt

Key Themes & Expectations heading into 2Q26 results for Live Entertainment; Reiterate Buy on LYV & SPHR; Downgrade MSGE to Neutral

Equity Research

8 July 2026 | 4:47PM EDT

AMERICAS ENTERTAINMENT

Key Themes & Expectations heading into 2Q26 results for Live

Entertainment; Reiterate Buy on LYV & SPHR; Downgrade MSGE to

Neutral

Within this report, we highlight key themes and our expectations heading into Stephen Laszczyk

+1(212)357-9225 |

2Q26 earnings for our Live Entertainment coverage, including Live Nation (LYV), stephen.laszczyk@gs.com

Goldman Sachs & Co. LLC

MSG Entertainment (MSGE) and Sphere Entertainment (SPHR). For more charts and

Antares Tobelemtakeaways on an industry level, see our Front Row Report Live Events Tracker (link). +1(212)357-2497 |

antares.tobelem@gs.com

Earnings Previews Danni Kennedy

+1(212)902-7178 |

Live Nation (LYV, Buy): We expect Live Nation to report 2Q26 results that are danni.kennedy@gs.com

slightly better vs Visible Alpha Consensus Data expectations across Attendance

(48.4M GSe vs Visible Alpha Consensus Data of 46.8M), Fee-bearing Tickets (85.4M

GSe vs consensus of 84.3M), Revenue ($7.86B GSe vs consensus of $7.55B) and AOI

($797M GSe vs consensus of $792M). On net, we modestly increase our outlook for

2026+ Revenue & AOI (by ~1%) to reflect strength in concerts activity and ticket

sales YTD, as well as continued Venue Nation expansion. Importantly, with earnings,

we expect Live Nation to i) reiterate double-digit AOI growth in 2026 on both a

consolidated basis and in the Concerts segment, ii) maintain 2026 Venue Nation

attendance growth guidance of “DD%” (while speaking to improving momentum in

the outlook for VN fan growth into the second half of the year), iii) speak to overall