As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at consumer discretionary - leisure facilities stocks, starting with Live Nation (NYSE: LYV).

The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Leisure facilities companies own and operate theme parks, fitness centers, bowling alleys, and other venue-based entertainment destinations, generating revenue from admissions, memberships, and on-site spending. Tailwinds include consumer preference for experiential spending, tourism recovery, and technology-enhanced guest experiences that support premium pricing. Headwinds are notable: high fixed costs, such as real estate, labor, and maintenance, make profitability highly sensitive to attendance fluctuations during economic slowdowns. Weather, pandemics, and safety incidents can disrupt operations unpredictably. Rising construction and labor costs inflate expansion budgets, while competition from at-home entertainment alternatives and other experiential options limits pricing power in many markets.

The 10 consumer discretionary - leisure facilities stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 2.5% while next quarter’s revenue guidance was in line.

In light of this news, share prices of the companies have held steady as they are up 1.7% on average since the latest earnings results.

Live Nation (NYSE: LYV)

Owner of Ticketmaster and operator of music festival EDC, Live Nation (NYSE: LYV) is a company specializing in live event promotion, venue management, and ticketing services for concerts and shows.

Live Nation reported revenues of $3.79 billion, up 12.1% year on year. This print exceeded analysts’ expectations by 6.1%. Overall, it was a stunning quarter for the company with a beat of analysts’ EPS estimates and a solid beat of analysts’ adjusted operating income estimates.

Interestingly, the stock is up 12.7% since reporting and currently trades at $177.20.

Is now the time to buy Live Nation? Access our full analysis of the earnings results here, it’s free.

Best Q1: AMC Entertainment (NYSE: AMC)

With a profile that was raised due to meme stock mania beginning in 2021, AMC Entertainment (NYSE: AMC) operates movie theaters primarily in the US and Europe.

AMC Entertainment reported revenues of $1.60 billion, up 14.2% year on year, outperforming analysts’ expectations by 8.7%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The market seems happy with the results as the stock is up 16.5% since reporting. It currently trades at $2.26.

Is now the time to buy AMC Entertainment? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Dave & Buster's (NASDAQ: PLAY)

Founded by a former game parlor and bar operator, Dave & Buster’s (NASDAQ: PLAY) operates a chain of arcades providing immersive entertainment experiences.

Dave & Buster's reported revenues of $559.2 million, down 1.5% year on year, falling short of analysts’ expectations by 3.1%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates and a significant miss of analysts’ same-store sales estimates.

As expected, the stock is down 24.1% since the results and currently trades at $10.

Read our full analysis of Dave & Buster’s results here.

Planet Fitness (NYSE: PLNT)

Founded by two brothers who purchased a struggling gym, Planet Fitness (NYSE: PLNT) is a gym franchise that caters to casual fitness users by providing a friendly and inclusive atmosphere.

Planet Fitness reported revenues of $337.2 million, up 21.9% year on year. This number topped analysts’ expectations by 12.4%. Overall, it was an exceptional quarter as it also logged a beat of analysts’ EPS estimates and a decent beat of analysts’ EBITDA estimates.

Planet Fitness achieved the biggest analyst estimate beat among its peers. The stock is down 16.4% since reporting and currently trades at $53.48.

Read our full, actionable report on Planet Fitness here, it’s free.

Callaway Golf Company (NYSE: CALY)

Formed between the merger of Callaway and Topgolf, Callaway Golf Company (NYSE: CALY) sells golf equipment and operates technology-driven golf entertainment venues.

Callaway Golf Company reported revenues of $687.5 million, up 9.2% year on year. This print surpassed analysts’ expectations by 5.5%. It was a very strong quarter as it also put up EBITDA guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates.

Callaway Golf Company delivered the highest full-year guidance raise in the group. The stock is up 23% since reporting and currently trades at $18.16.

Read our full, actionable report on Callaway Golf Company here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.