Liberty Live Holdings — Financial Results
Liberty Live Was Just Spun Off as Its Own Public Company in Late 2025
Liberty Live Holdings became an independent, publicly traded company on December 15, 2025, when Liberty Media completed a "split-off" (a corporate separation where shareholders exchange stock in the parent for stock in a new standalone entity). Before the split, $171.7 million in cash and the Quint business were moved into Liberty Live. The company now trades on its own, though it still relies on Liberty Media for back-office services like legal, tax, and accounting at an expected cost of roughly $9 million per year, plus about $8 million in additional standalone overhead annually.
Quint Turned Its First Profit, Driven by Formula 1 Growth
| Metric | 2025 | 2024 |
|---|---|---|
| Total Revenue | $382M | $340M |
| Quint Adjusted OIBDA | $12.0M | -$2.9M |
| Revenue Growth | +12.2% | — |
Quint, the experiential hospitality business, swung from a $2.9 million operating loss to a $12 million profit on an Adjusted OIBDA (operating profit before non-cash charges) basis. Revenue grew $41.5 million, with Formula 1 packages alone adding $50 million. Not everything went up — Kentucky Derby revenue fell $11.3 million after an outsized 2024 tied to its 150th anniversary, and some hotel programs were wound down.
The Overall Company Still Lost Money, but Less Than Before
| Metric | 2025 | 2024 |
|---|---|---|
| Net Loss | -$87.1M | -$114.1M |
| Operating Loss | -$51.7M | -$116.3M |
| Adjusted OIBDA Loss | -$20.1M | -$9.9M |
Liberty Live as a whole is not yet profitable. The narrower net loss compared to 2024 is partly because 2024 included a one-time $67 million goodwill impairment (a write-down of an asset's recorded value when it's deemed worth less than its book value) on Quint. Strip that out, and the underlying operating losses actually widened, largely because split-off transaction costs inflated corporate expenses by about $16 million.
Live Nation — the Core Asset — Grew Revenue but Faces a Tax Headwind
| Metric | 2025 | 2024 |
|---|---|---|
| Live Nation Revenue | $25.2B | $23.2B |
| Operating Income | $1.25B | $825M |
| Net Earnings | $691M | $1.13B |
Liberty Live's most valuable holding is roughly 69.6 million shares of Live Nation. Live Nation grew revenue by $2 billion, fueled by more stadium shows and higher sponsorship deals. However, reported net earnings dropped from $1.13 billion to $691 million because 2024 included a large tax benefit from releasing valuation allowances that did not repeat in 2025.
Liberty Live Carries $1.15 Billion in Long-Term Debt, All Due After Five Years
The company has $1.15 billion in long-term debt, none of which matures within the next five years — reducing near-term repayment pressure. It held $545 million in cash at year-end and has an additional $400 million available under a margin loan (a credit facility backed by its Live Nation shares). Annual interest payments are approximately $29 million. Management says current liquidity is sufficient for projected needs.