Sphere Entertainment Co.

NYSE•SPHR

CEO: Mr. James Lawrence Dolan

Sector: Communication Services

Industry: Entertainment

Listing Date: 2020-04-09

Sphere Entertainment Co. operates as a live entertainment and media company in the United States. It operates through two segments, Sphere and MSG Networks. The Sphere segment offers next-generation entertainment medium powered by cutting-edge technologies to create multi-sensory experiences at an unparalleled scale. The MSG Networks segment provides regional sports and entertainment networks, as well as a direct-to-consumer and authenticated streaming product. The company was formerly known as Madison Square Garden Entertainment Corp. and changed its name to Sphere Entertainment Co. in April 2023. Sphere Entertainment Co. was founded in 2006 and is based in New York, New York.

Contact Information

Two Pennsylvania Plaza, New York, NY, 10121, United States

725-258-0001

www.sphereentertainmentco.com

Market Cap

$3.81B

P/E (TTM)

112.9

19.9

Dividend Yield

52W High

$121.93

52W Low

$23.89

52W Range

83%

Rank61Top 91.5%

2.0

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 2 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q2 2026 Data

Revenue

$394.28M+0.00%

4-Quarter Trend

EPS

$1.81+0.00%

4-Quarter Trend

FCF

$165.01M+0.00%

4-Quarter Trend

2026 Annual Earnings Highlights

Key Highlights

Total Revenue Growth Total revenues reached $1.22B, marking an 8% increase driven by Sphere performance success in 2025.

Profitability Turnaround Achieved Achieved Net Income of $33.405M, reversing prior year's substantial net loss of $(325.059)M for the fiscal year.

Sphere Segment AOI Surge Sphere segment AOI was $144.6M, a $164.2M improvement from 2024 operating loss of $(19.7M).

Debt Restructuring Gain Recorded $346.092M gain on debt extinguishment following MSG Networks credit facility restructuring completion in 2025.

Risk Factors

Sphere Popularity Reliance Sphere success heavily relies on continued appeal of The Sphere Experience and attracting major advertisers and performers.

MSG Networks Subscriber Decline MSG Networks faces material revenue risk from ongoing traditional MVPD subscriber declines, down 13% in 2025.

High Leverage Debt Service Substantial indebtedness of $833.3M and high leverage limit financial flexibility and increase debt service obligations.

Future Venue Development Risks Sphere initiative involves complex development and construction risks for future venues, requiring significant capital outlay.

Outlook

Global Sphere Expansion Focused on global network growth, advancing Sphere projects in Abu Dhabi and National Harbor, Maryland for future venues.

Original Content Investment Strategy includes developing additional original immersive productions, requiring substantial upfront investment for future monetization.

MSG Networks DTC Strategy MSG Networks strategy relies on successful execution of MSG+ DTC offering amid evolving content distribution platforms.

Capital Access Uncertainty Future capital expenditures depend on securing additional financing, availability of which remains uncertain for global expansion plans.

Peer Comparison

Revenue (TTM)

AMC

$4.85B

+4.6%

$3.79B

-6.9%

LION

$2.80B

-12.5%

Gross Margin (Latest Quarter)

AMC

140.4%

+0.0pp

IAC

65.0%

-3.6pp

SPHR

58.6%

+9.1pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
SPHR	$3.81B	112.9	1.5%	22.8%
BATRA	$2.99B	-127.2	-4.5%	51.8%
IAC	$2.89B	-27.8	-2.2%	20.0%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

20.0%

Strong Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

75%

Volatile Cash Flow

Deep Research

Next earnings:May 6, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data