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Sphere Entertainment Co.

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
$3.26B
P/E (TTM)
-39.7
30.7
Dividend Yield
--
52W High
$93.49
52W Low
$23.89
52W Range
95%
Rank66Top 89.6%
1.9
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 1.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q4 2024 Data

Revenue

$282.68M+3.40%
4-Quarter Trend

EPS

$4.18-419.08%
4-Quarter Trend

FCF

-$73.71M-15.47%
4-Quarter Trend

2025 Q4 Earnings Highlights

Key Highlights

Adjusted Operating Income Jumps Total Adjusted Operating Income reached $133.8M, increasing $56.8M, driven by Sphere segment performance improvements.
Sphere Segment Performance Strong Sphere Adjusted Operating Income was $55.2M, a $74.0M improvement, fueled by strong event-related revenue growth.
Net Loss Significantly Reduced Net Loss narrowed to $31.3M for nine months, an 84% improvement compared to $199.1M loss last year.
Debt Restructuring Yields Gain Recognized $346.1M gain on extinguishment of debt related to the Prior MSGN Credit Facilities restructuring completion.

Risk Factors

MSG Networks Goodwill Impairment Recorded $65.4M non-cash goodwill impairment charge for MSG Networks due to projected business declines.
Substantial Debt Obligations Remain Consolidated debt stands at $874.9M, requiring significant mandatory amortization payments impacting liquidity flexibility.
Media Rights Renewal Uncertainty MSG Networks faces risks renewing media rights agreements on acceptable terms, potentially impacting future revenues.
Sphere Future Performance Risk Sphere's substantial revenue relies on sustained popularity of original immersive productions and concert residencies.

Outlook

Abu Dhabi Sphere Development Finalized Franchise Agreement for Sphere Abu Dhabi; royalties expected post-opening, funded by DCT Abu Dhabi.
Managing Debt Amortization MSGN Term Loan Facility requires fixed quarterly amortization payments of $10M starting September 30, 2025.
Focus on Cost Reduction Management plans to implement cost reductions and defer discretionary capital projects if necessary to preserve liquidity.

Peer Comparison

Revenue (TTM)

AMC Entertainment Holdings, Inc.AMC
$4.87B
+9.7%
iQIYI, Inc.IQ
$3.76B
-10.6%
Lionsgate Studios Corp.LION
$2.78B
-6.7%

Gross Margin (Latest Quarter)

AMC Entertainment Holdings, Inc.AMC
75.9%
+10.9pp
IAC Inc.IAC
64.8%
-7.7pp
Sphere Entertainment Co.SPHR
53.5%
+38.4pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
SPHR$3.26B-39.7-3.6%24.3%
IAC$3.14B-13.6-4.5%19.9%
BATRA$2.73B-2610.0-0.2%51.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
7.4%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q4 2025

    Period End: Sep 30, 2025|Filed: Nov 4, 2025|Refer to amended data

  • Form 10-Q - Q4 2024

    Period End: Jun 30, 2025|Filed: Aug 11, 2025|
    Revenue: $282.68M+3.4%
    |
    EPS: $4.18-419.1%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $280.57M-12.7%
    |
    EPS: $-2.27+70.7%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Sep 30, 2024|Filed: Nov 12, 2024|
    Revenue: $227.91M+93.1%
    |
    EPS: $-2.95-255.3%
    Miss

  • Form 10-K - FY 2023

    Period End: Jun 30, 2024|Filed: Aug 14, 2024|
    Revenue: $1.03B+79.0%
    |
    EPS: $-5.68-139.1%
    Miss

  • Form 10-Q - Q3 2023

    Period End: Mar 31, 2024|Filed: May 10, 2024|
    Revenue: $321.33M-11.6%
    |
    EPS: $-1.33-18.9%
    Miss

  • Form 10-Q - Q2 2023

    Period End: Dec 31, 2023|Filed: Feb 5, 2024|
    Revenue: $314.16M-51.1%
    |
    EPS: $-4.91-351.8%
    Meet

  • Form 10-Q - Q1 2023

    Period End: Sep 30, 2023|Filed: Nov 8, 2023|
    Revenue: $118.01M-4.2%
    |
    EPS: $1.90-246.2%
    Meet