Venu (NYSEAMERICAN:VENU) outlined a year of significant asset growth, expanded partnerships, and continued venue development during its full-year and fourth-quarter 2025 earnings call, while executives also addressed stock valuation concerns and provided a booking outlook for the 2026 amphitheater season.
Management highlights: capital raise, appraised portfolio value, and venue pipeline
Founder, Chairman, and CEO J.W. Roth described 2025 as a year in which the company became “smarter, faster, more deliberate” about partnerships and where it deploys capital. Roth said the company closed an $86 million raise and reported that its portfolio was independently appraised at $1.24 billion on an as-completed basis, which he characterized as “just north of $12 a share, fully diluted.”
On the sales side, Roth highlighted Fire Suite sales of $126 million, up 62% year over year, and said the company’s triple-net model—launched in mid-2025—represented 25% of sales despite not existing a year earlier. Roth also said Venu planned to launch “the most ambitious sales campaign in our company’s history” on April 15, describing it as a nationwide effort across multiple forms of media.
Booking outlook: Ford Amphitheatre momentum and new venues coming online
Will Hodgson, President, focused on booking and touring trends, starting with Ford Amphitheatre. Hodgson said amphitheater revenue grew 94% year over year, attributing the increase to 2024 being a partial season versus a full season running April through October in 2025. He said Venu expects in 2026 to “grow both the number of shows and the average ticket price year-over-year.”
Hodgson also noted that Ford Amphitheatre was named to Billboard’s 2026 Top Music Venues list, appearing alongside venues such as Sphere, O2 Arena, and Allegiant Stadium, and said that recognition “changes conversations.”
Looking ahead, Hodgson said the Broken Arrow venue was “taking shape very quickly,” with a fall 2026 opening target. He said the company expected to begin announcing shows and putting events on sale within the next 6 to 8 weeks, and noted the venue is “an open room” with agreements in place with Live Nation and other promoters.
Hodgson also said Venu’s planned 20,000-seat amphitheater in McKinney was “not far behind,” and that the company is already in early booking conversations with Live Nation for the Texas venue.
In response to a question about 2026 industry conditions, Roth said the amphitheater season was “soft” industrywide last year, but he is seeing the opposite in 2026, with “more artists touring amps this year than there was last year,” which he described as a “fairly strong amp season.”
Hodgson added that, versus last year’s pacing, “the amount of offers and pending offers out there is nearly double what we had last year.” He said Venu expected “another 15” shows over the next couple of months at Ford Amphitheatre and described ticket prices as “relatively flat” depending on the show, while noting per-show pacing in ticket sales was better than last year. For Tulsa, Hodgson said interest is strong given artists’ desire to open a building, and Venu may do “between 3 and 5 large outdoor shows, could be more” ahead of indoor configuration use as it targets a fall opening. He also pointed to “alternative programming” such as community events and movie nights as the company seeks to increase venue utilization.
Operations and hospitality: closures, private events strategy, and The Ford opening
Vic Sutter, Chief Operating Officer, said 2025 was a year of “deliberate refinement” across the existing portfolio, with a focus on fan experience, margins, and scalability. Sutter said Notes Theater in Colorado Springs closed in July 2025, describing the move as discipline around prioritizing resources because the asset “did not fit the profile long term.”
Sutter said Venu’s two music halls in Colorado Springs and Gainesville delivered “hundreds of ticketed events” in 2025, consistent with prior years, and said Gainesville continued to build momentum with artists and fans. He said Colorado Springs experienced softer venue rentals, and outlined steps being taken to address that, including refreshed programming strategies, hiring “a high-caliber director of private event sales,” and enhancing private event packages.
He also highlighted the opening of The Ford, described as a $4.5 million Sunset Hospitality Group development adjacent to Ford Amphitheater, anchored by Roxy & Steak and Brohan’s, an upscale cocktail lounge. Sutter said Roxy & Steak opened in November with a sold-out grand opening weekend and has been recognized among the best wine programs in the Americas. He also said Venu aligned with experiential design firm Dimensional Innovations, referencing its work on Intuit Dome and Mercedes-Benz Stadium.
Partnerships and growth: PepsiCo, Aramark, Tixr, and naming rights discussions
Terri Liebler, President of Growth and Strategy, detailed multiple partnerships and investments. She said PepsiCo became the official beverage partner of Venu’s Sunset Amphitheater portfolio. She added that Aramark Sports + Entertainment expanded to five venues and made “an additional equity investment in the company,” and that Tixr became the ticketing and commerce partner across four indoor music halls, also backed by “their own capital commitment to Venu.” Liebler also cited additional relationships, including Sands Investment Group, Dimensional Innovations, Billboard, and Boston Common Golf.
Liebler said naming rights represent a significant revenue opportunity and that conversations are “well underway,” though she said the company was not ready to announce details.
She also pointed to artists and athletes involved with the company, stating that Niall Horan and Dierks Bentley are shareholders and founding members of Venu’s advisory council, and that Troy Aikman is a partner, shareholder, and Fire Suite owner.
Financial results: asset growth, Fire Suite sales, revenue comparison, and sale-leaseback transaction
Chief Financial Officer Heather Atkinson reported that total assets rose to $370 million as of December 31, 2025, up $192 million, or 108%, from $178 million at December 31, 2024. Atkinson noted that several municipality developments sit at a $0 cost basis on the balance sheet because they are contributed assets recorded at basis under GAAP, rather than at mark-to-market value. She said the company’s $1.24 billion as-completed appraisal “reflects a more complete picture” of the portfolio’s value.
Atkinson said property and equipment increased to $305 million as of December 31, 2025, up 123% from $137 million at the end of 2024. She also reiterated that Luxe FireSuite and Aikman Club sales reached $126 million for 2025, up from $77 million in 2024, and said the triple-net real estate leaseback model accounted for about 25% of total Fire Suite sales for the year.
For the income statement, Atkinson said total revenue was $17 million for 2025, compared with $17.8 million in 2024. She also disclosed that the company completed a $14 million sale-leaseback of its Colorado Springs parking property in the fourth quarter, stating the related party generated a $6.6 million development profit while Venu retained operational control and a fixed-price repurchase option within three years.
During the Q&A, Roth said he was frustrated by what he views as a disconnect between Venu’s stock price and its asset base, calling the stock “undervalued” versus total assets and unencumbered assets. He said the company has been working to bring on institutional holders and discussed building an investor relations plan, including the hiring of Sarah Rothschild, whom he said joined from MSG and Sphere. Roth said Venu planned to begin roadshows in early May to meet with institutional investors.
On expansion, Robert Mudd, SVP of Construction and Market Expansion, said Venu and its expansion partners at Ryan, LLC were in active negotiations in 13 markets across Colorado, Texas, Florida, Tennessee, Kentucky, Indiana, and Ohio. He added the company had formal RFPs out to 17 markets and “active outreach” in 57 total locations, with a focus on strategic routing paths.
About Venu (NYSEAMERICAN:VENU)
Venu Holding Corporation is a premier hospitality and live music company dedicated to crafting luxury, experience-driven entertainment destinations. Venu Holding Corporation is based in COLORADO SPRINGS, Colo.
