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Live Nation Entertainment vs Warner Music Group: LYV and WMG compared
Live Nation Entertainment is the larger company: $10.1B of revenue in its latest quarter (Q3 2026) against $1.9B for Warner Music Group (Q3 FY26). Live Nation Entertainment is growing faster (+19% against +10% a year earlier). Warner Music Group is more profitable, with an operating margin of 16.4% against 8.8%.
Where the money goes: LYV and WMG
Live Nation Entertainment (LYV) · Q3 2026
Live Nation Entertainment, Q3 2026: revenue $10.1B (+19% year over year), operating margin 8.8%, net earnings $448M, operating cash flow −$658M. The chart follows the revenue to costs, profit and cash.
Warner Music Group (WMG) · Q3 FY26
Warner Music Group, Q3 FY26: revenue $1.9B (+10% year over year), operating margin 16.4%, net earnings $204M, operating cash flow $142M. The chart follows the revenue to costs, profit and cash.
| Live Nation Entertainment (LYV) | Warner Music Group (WMG) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 FY26 |
| Revenue | $10.1B | $1.9B |
| Revenue growth, Y/Y | +19% | +10% |
| Operating margin | 8.8% | 16.4% |
| Net earnings | $448M | $204M |
| Net margin | 4.4% | 10.9% |
| Operating cash flow | −$658M | $142M |
| Free cash flow | — | $114M |
| Market value | $46.5B | $16.5B |
| P/E | 102.5× | 24.8× |
| Analysts’ mean target | $202.36 | $38.00 |
Questions
Which is bigger, Live Nation Entertainment or Warner Music Group?
Live Nation Entertainment is the larger company: $10.1B of revenue in its latest quarter (Q3 2026) against $1.9B for Warner Music Group (Q3 FY26).
Is Live Nation Entertainment or Warner Music Group growing faster?
Live Nation Entertainment is growing faster (+19% against +10% a year earlier).
Which is more profitable, Live Nation Entertainment or Warner Music Group?
Warner Music Group is more profitable, with an operating margin of 16.4% against 8.8%.
More: Live Nation Entertainment earnings · how Live Nation Entertainment makes money · Warner Music Group earnings · how Warner Music Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 5, 2026). Fiscal quarters can end on different dates. Not investment advice.