SPHR · Sphere Entertainment Co. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q2 '24 | Q3 '24 | Q1 '24 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $386.41M | - | $262.51M | $282.68M | $227.91M | - | $314.16M | $321.33M | $118.01M | $642.20M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $121.70M | - | $99.69M | $113.02M | $118.98M | - | - | - | - | $182.43M |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $84.37M | - | $84.10M | $83.91M | $81.91M | - | - | - | $14.26M | $29.06M |
| Operating Income | $7.20M | - | ($129.72M) | ($50.16M) | ($117.62M) | - | - | - | - | $73.95M |
| Interest Expense | $8.04M | - | $9.40M | $25.86M | $0 | - | - | - | - | $894.0K |
| Income Tax | ($4.84M) | - | ($35.51M) | ($21.96M) | ($90.29M) | - | - | - | - | $2.25M |
| Net Income | $4.46M | - | ($101.20M) | $151.82M | ($105.28M) | - | ($173.25M) | ($47.24M) | $66.42M | $67.58M |
| EPS - Basic | ($0.04) | - | ($2.80) | $4.18 | ($2.95) | - | ($4.91) | ($1.33) | $1.90 | $1.95 |
| EPS - Diluted | ($0.04) | - | ($2.80) | ($1.31) | ($2.95) | - | ($4.91) | ($1.33) | $1.89 | $1.95 |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q2 '24 | Q3 '24 | Q1 '24 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $507.78M | $521.26M | $384.83M | $355.66M | $465.02M | $501.95M | $614.55M | $693.95M | $433.51M | $131.97M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | $208.45M |
| Inventory | $18.34M | $14.45M | $12.63M | $12.82M | $13.16M | $12.58M | $11.89M | $1.68M | - | $14.26M |
| Accounts Payable | $36.48M | $24.59M | $30.79M | $14.78M | $33.86M | $33.61M | $18.88M | $73.67M | $19.32M | $39.65M |
| Current Assets | $903.57M | $810.17M | $666.38M | $595.42M | $735.11M | $760.99M | $865.70M | $916.06M | $674.02M | $623.91M |
| Total Assets | $4.22B | $4.21B | $4.14B | $4.20B | $4.45B | $4.52B | $4.79B | $4.87B | $4.86B | $4.97B |
| Current Liabilities | $742.66M | $743.37M | $697.23M | $526.94M | $1.38B | $1.37B | $1.37B | $1.40B | $642.91M | $692.14M |
| Long-term Debt | $752.70M | $767.44M | $786.07M | $830.53M | $524.68M | $524.01M | $522.74M | $522.06M | $1.10B | $1.12B |
| Total Liabilities | $1.97B | $1.98B | $1.98B | $1.89B | $2.31B | $2.31B | $2.37B | $2.43B | $2.23B | $2.39B |
| Stockholders' Equity | $2.25B | $2.23B | $2.16B | $2.31B | $2.14B | $2.20B | $2.42B | $2.44B | $2.64B | $2.58B |
| Retained Earnings | ($181.98M) | ($186.44M) | ($251.18M) | ($149.98M) | ($301.80M) | ($219.85M) | $11.39M | $57.97M | $278.46M | $212.04M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q2 '24 | Q3 '24 | Q1 '24 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $136.24M | - | - | - | $34.09M | - | - | - | ($94.64M) | - |
| Investing Cash Flow | ($5.00M) | - | - | - | ($19.59M) | - | - | - | $66.50M | - |
| Financing Cash Flow | ($22.26M) | - | - | - | ($35.62M) | - | - | - | $50.85M | - |
| CapEx | - | - | - | - | - | - | - | - | - | $289.72M |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q2 '24 | Q3 '24 | Q1 '24 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 1.9% | - | -49.4% | -17.7% | -51.6% | - | - | - | - | 11.5% |
| EBITDA margin | 23.7% | - | -17.4% | 11.9% | -15.7% | - | - | - | - | 16.0% |
| Net margin | 1.2% | - | -38.5% | 53.7% | -46.2% | - | -55.1% | -14.7% | 56.3% | 10.5% |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 31.5% | - | 38.0% | 40.0% | 52.2% | - | - | - | - | 28.4% |
| Effective tax rate | - | - | - | -16.9% | - | - | - | - | - | 3.2% |
| Return on assets | 0.1% | - | -2.4% | 3.6% | -2.4% | - | -3.6% | -1.0% | 1.4% | 1.4% |
| Return on equity | 0.2% | - | -4.7% | 6.6% | -4.9% | - | -7.2% | -1.9% | 2.5% | 2.6% |
| Return on invested capital | 0.2% | - | -3.5% | -1.6% | -3.5% | - | - | - | - | 1.9% |
| Liquidity | ||||||||||
| Current ratio | 1.22 | 1.09 | 0.96 | 1.13 | 0.53 | 0.55 | 0.63 | 0.65 | 1.05 | 0.90 |
| Quick ratio | 1.19 | 1.07 | 0.94 | 1.11 | 0.52 | 0.55 | 0.62 | 0.65 | 1.05 | 0.88 |
| Cash ratio | 0.68 | 0.70 | 0.55 | 0.67 | 0.34 | 0.37 | 0.45 | 0.50 | 0.67 | 0.19 |
| Leverage | ||||||||||
| Debt / Equity | 0.33 | 0.34 | 0.36 | 0.36 | 0.24 | 0.24 | 0.22 | 0.21 | 0.42 | 0.43 |
| Debt / Assets | 0.18 | 0.18 | 0.19 | 0.20 | 0.12 | 0.12 | 0.11 | 0.11 | 0.23 | 0.22 |
| Debt / EBITDA | 8.22 | - | - | 24.61 | - | - | - | - | - | 10.86 |
| Interest coverage | 0.9x | - | -13.8x | -1.9x | - | - | - | - | - | 82.7x |
| Equity multiplier | 1.88 | 1.89 | 1.92 | 1.81 | 2.08 | 2.05 | 1.98 | 1.99 | 1.85 | 1.92 |
| Liabilities / Assets | 0.47 | 0.47 | 0.48 | 0.45 | 0.52 | 0.51 | 0.50 | 0.50 | 0.46 | 0.48 |
| Efficiency | ||||||||||
| Asset turnover | 0.09 | - | 0.06 | 0.07 | 0.05 | - | 0.07 | 0.07 | 0.02 | 0.13 |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | 118d |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 1.9x | - | 1.0x | 0.6x | 0.5x | - | 0.5x | 0.7x | - | - |
| P / S | 10.9x | - | 8.6x | 5.3x | 5.1x | - | 3.9x | 5.4x | - | - |
| EV / EBITDA | 48.7x | - | - | 58.1x | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 69.5% | - | -18.3% | -10.0% | 93.1% | - | -51.1% | -11.6% | -70.6% | 24.4% |
| Revenue CAGR (3y) | -1.2% | - | -17.1% | -18.2% | -8.2% | - | -7.3% | 20.9% | 101.7% | - |
| Revenue CAGR (5y) | 93.1% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | - | - | - | - | - | - | - | - | - | 109.2% |
| Net income growth (YoY) | - | - | -114.2% | - | - | - | - | 16.9% | - | 2876.0% |
| EPS growth (YoY) | 98.6% | - | -110.5% | 73.3% | - | - | - | 18.9% | - | 2685.7% |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 4.9% | 1.4% | -11.8% | -4.2% | -18.7% | - | -6.5% | 20.9% | 38.2% | 31.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.22B totalSphere Entertainment$781.41M · 64.0%
MSGNetworks$438.63M · 36.0%
Product / service
$2.31B totalEvent Related$689.25M · 29.8%
Ticketing And Venue License Fee Revenues$560.81M · 24.3%
Media Networks Revenue$438.63M · 19.0%
Media Related Primarily From Affiliation Agreements$431.48M · 18.7%
Food Beverage And Merchandise Revenues$100.40M · 4.3%
Sponsorship Signage Exosphere Advertising And Suite Licenses$68.10M · 2.9%
Product And Service Other$22.23M · 1.0%
Peer comparison
Same SIC group: Services-Amusement & Recreation Services
Comparing Sphere Entertainment Co. against the 5 most active filers in the same SIC group.