Detailed financial statements for Liberty Live Group (LLYVK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Based in Englewood, Colorado, Liberty Live Group operates within the live entertainment industry.
Analysis Summary
Trailing-twelve-month margins: gross margin 35.0%, operating margin 7.7%, net margin -3.9%.
At the current price of $98.87, LLYVK has negative trailing earnings (P/E not meaningful) and an ROE of 177.19%. Market capitalisation stands at $9.1B.
Balance sheet quality for LLYVK: current ratio of 0.3, net debt of $611.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | $382.0M |
| Cost of Revenue | 0 | 0 | 0 | 0 | $331.3M |
| Gross Profit | 0 | 0 | 0 | 0 | $50.6M |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | $11.0M | $11.0M | $99.1M |
| Operating Expenses | 0 | 0 | $11.0M | $11.0M | $99.1M |
| Operating Income | 0 | 0 | -$11.0M | -$11.0M | -$48.5M |
| EBITDA | -$443,000 | $491,000 | -$170.0M | -$12.0M | -$44.6M |
| Interest Expense | $15,000 | $8,000 | $10.0M | $29.0M | $29.5M |
| Pre-tax Income | -$458,000 | $483,000 | -$180.0M | -$41.0M | -$100.2M |
| Income Tax | -$100,000 | $101,000 | -$38.0M | -$8.0M | -$13.1M |
| Net Income | -$358,000 | $1.3M | -$142.0M | -$31.0M | -$87.0M |
| EPS | $-0.00 | $0.00 | $-1.55 | $-0.34 | $-0.95 |
| EPS (Diluted) | $-0.00 | $0.00 | $-1.55 | $-0.34 | $-0.95 |
| Shares Outstanding (Diluted) | $91.7M | $91.7M | $91.8M | $91.8M | $91.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $1.08B | $382.0M | $63.6M | $934.0M |
| Gross Profit | $454.0M | $73.5M | $5.6M | $329.0M |
| Operating Income | $149.0M | -$31.7M | -$16.5M | $88.0M |
| EBITDA | $227.0M | $248.4M | -$361.5M | $325.0M |
| Net Income | $33.0M | $161.0M | -$294.1M | $5.0M |
| EPS | $0.36 | $1.75 | $-3.20 | $0.05 |
| EPS (Diluted) | $0.36 | $1.75 | $-3.20 | $0.05 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 0 | 0 | $305.0M | $325.0M | $1.05B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | $31.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | 0 | $305.0M | $325.0M | $629.5M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | $2.62B | 0 |
| Intangible Assets | 0 | 0 | 0 | $1.37B | $246.0M |
| Total Assets | $664.0M | $667.0M | $1.16B | $1.22B | $1.89B |
| Accounts Payable | $1.0M | 0 | $2.0M | $3.0M | $11.5M |
| Short-term Debt | $644.0M | 0 | $70.0M | 0 | $1.67B |
| Total Current Liabilities | $645.0M | 0 | $80.0M | $3.0M | $1.90B |
| Long-term Debt | $1.33B | $920.0M | $1.25B | $1.56B | 0 |
| Total Liabilities | $1.98B | $920.0M | $1.33B | $1.56B | $1.92B |
| Retained Earnings | 0 | 0 | 0 | 0 | -$437.1M |
| Total Equity | -$1.34B | -$278.0M | -$188.0M | -$359.0M | -$49.1M |
| Total Debt | $1.98B | $920.0M | $1.32B | $1.56B | $1.67B |
| Net Debt | $1.98B | $920.0M | $1.01B | $1.23B | $611.5M |
| Working Capital | -$645.0M | 0 | $225.0M | $322.0M | -$1.27B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.59B | $38.1M | $1.33B | $1.47B |
| Total Assets | $17.11B | $1.89B | $15.89B | $2.01B |
| Total Liabilities | $9.73B | $1.92B | $7.49B | $2.62B |
| Total Equity | $7.38B | -$49.1M | $7.73B | -$625.7M |
| Total Debt | $1.92B | $1.67B | $53.0M | $72.0M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$358.0M | $2.03B | -$142.0M | -$33.0M | $555.0M |
| Depreciation & Amortization | 0 | $1.04B | 0 | 0 | $393.0M |
| Stock-based Compensation | 0 | $237.0M | $2.0M | $4.0M | $21.0M |
| Change in Working Capital | 0 | -$140.0M | 0 | 0 | $451,000 |
| Operating Cash Flow | -$25.0M | $2.55B | -$13.0M | -$14.0M | -$29.5M |
| Capital Expenditure | 0 | -$735.0M | 0 | 0 | 0 |
| Acquisitions | 0 | -$136.0M | $1.0M | -$3.0M | -$3.27B |
| Stock Repurchased | 0 | -$395.0M | 0 | -$3.0M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$25.0M | $1.81B | -$13.0M | -$14.0M | -$29.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $173.0M | -$552,000 | $357.0M | $316.0M |
| Capital Expenditure | -$3.0M | 0 | -$20.0M | -$65.0M |
| Free Cash Flow | $170.0M | -$552,000 | $337.0M | $251.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $8.0M | $1.9M | $5.0M | $6.0M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +460.9% | -11,090.7% | +78.2% | -180.5% |
| EPS Growth (YoY) | | +205.1% | -37,904.9% | +78.1% | -179.4% |
| Shares Change (YoY) | | +0.0% | +0.2% | -0.0% | +0.0% |
| FCF Growth (YoY) | | +7,344.0% | -100.7% | -7.7% | -110.4% |
| Gross Margin | | | | | 13.3% |
| Operating Margin | | | | | -12.7% |
| EBITDA Margin | | | | | -11.7% |
| Net Margin | | | | | -22.8% |
| FCF Margin | | | | | -7.7% |
| Effective Tax Rate | 21.8% | 20.9% | 21.1% | 19.5% | 13.1% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.27 | $19.75 | $-0.14 | $-0.15 | $-0.32 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $91.7M | $91.7M | $91.8M | $91.8M | $91.8M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 177.19% |
| Return on Invested Capital | -2.54% |
| Return on Assets | -4.60% |
| Gross Margin | 34.98% |
| Operating Margin | 7.66% |
| Net Margin | -3.86% |
Financial Health
| Debt / Equity | -0.12 |
| Current Ratio | 0.25 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.38 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -8,669.23 | 8,246.34 | -24.12 | -200.18 | -87.54 |
| P/B | -2.32 | -11.15 | -18.27 | -17.41 | -155.62 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 20.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 13.3% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -12.7% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -22.8% |