U2 have scored the top spot in Forbes’ annual report on top-earning musicians, RollingStone.com has reported. Fueled by their 360 Degree Tour, the veteran band netted $130 million during the past 12 months.

AC/DC, who just completed their ambitious Black Ice World Tour on June 28, came in second, with Beyonce, Bruce Springsteen, and Britney Spears rounding out the top five.

Forbes bases its calculations on net income from ticket sales, record sales, and endorsement deals, with record sales generally being the least lucrative component in the mix.

The U2 tour earned the band $311 million in gross proceeds, with overhead costs of $750,000 per day eating into overall profits.

“In today’s world artists have to tour to make money,” Pollstar editor Gary Bongiovanni told Forbes. “They can’t just sit at home and collect their royalties and expect to make their mortgage payments.”