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Sphere Entertainment
Sphere Entertainment (SPHR) investor relations material
Sphere Entertainment Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Fourth quarter revenue rose to $394.3 million, with adjusted operating income of $128 million and operating income of $28.9 million, validating the business model and supporting long-term growth ambitions for a global network of Sphere venues powered by proprietary technology and immersive content.
Full-year revenue increased 8% to $1,220.0 million, with an operating loss of $229.6 million, a 38% improvement year-over-year.
Adjusted operating income for the year was $261.8 million, up 138% from the prior year.
Announced plans for a second U.S. Sphere venue at National Harbor, Maryland, with public and private funding, and advanced pre-construction in Abu Dhabi.
The Wizard of Oz at Sphere achieved over 2.2 million tickets sold and $290 million in ticket sales, with an enhanced version planned for later in the year.
Financial highlights
Total company revenues for the December quarter were $394.3 million, with adjusted operating income of $128 million.
Sphere segment Q4 revenue grew 62% year-over-year to $274.2 million, driven by Sphere Experience, concert residencies, and Exosphere advertising.
Sphere segment adjusted operating income was $89.4 million, reversing a prior year loss, due to higher revenues and lower SG&A expenses.
MSG Networks segment generated $120.1 million in Q4 revenues and $38.6 million in AOI, down from $139.3 million and $33.7 million, respectively, due to subscriber declines and lower affiliate rates.
Q4 net income attributable to stockholders was $57.6 million, compared to a net loss of $125.9 million in the prior year quarter.
Outlook and guidance
Management expects to handle 5–6 Sphere expansion projects simultaneously in the coming years, with potential for more if resources allow.
Strong demand for Sphere Experience and residencies is expected to continue, with a robust show and residency pipeline through 2027.
Continued focus on cost efficiencies and SG&A management, with further cost-saving opportunities targeted for 2026 and beyond.
Management emphasized a focus on expanding the Sphere venue footprint, including projects in Abu Dhabi and National Harbor, and expressed confidence in long-term growth prospects.
Sphere Experience vs. event revenue mix impact?
What are the implications of smaller-scale Sphere?
MSG Networks: Address subscriber decline impact
Bridge National Harbor's $800M funding gap.
How does Sphere balance new content launches?
SG&A outlook balancing growth and efficiency?
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Next Sphere Entertainment earnings date
Q1 20267 May, 2026
Sphere Entertainment
Next Sphere Entertainment earnings date
Q1 20267 May, 2026
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Frequently asked questions
Sphere Entertainment Co. is a live entertainment and media company. The Company includes Sphere, a next-generation entertainment medium. The first Sphere venue is currently under construction in Las Vegas and is expected to open in fall 2023. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as a companion streaming service, MSG GO, delivering a wide range of live sports content and other programming. Also under the Sphere Entertainment Co. umbrella is Tao Group Hospitality, a global entertainment dining and nightlife leader featuring brands including Tao, Hakkasan, Omnia, Marquee, Lavo, Beauty & Essex, and Cathédrale. Sphere Entertainment Co. is based in New York, New York.
In April 2023 Sphere Entertainment Co. (NYSE: SPHR) (the “Company” or “Sphere Entertainment”) announced that it has completed the spin-off of its traditional live entertainment businesses and changed its name from Madison Square Garden Entertainment Corp. to Sphere Entertainment Co.
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