Sphere Entertainment Co. SPHR

Communication services SIC 7900 - Services-Amusement & Recreation Services NAICS Arts, Entertainment, and Recreation › Amusement, Gambling, and Recreation Industries › Other Amusement and Recreation Industries derived NYSE

Sphere Entertainment Co. is a Nevada corporation with its principal executive office at Two Pennsylvania Plaza, New York, NY, 10121. Unless the context otherwise requires, all references to "we," "us," "our," "Sphere Entertainment" or the "Company" refer collectively to Sphere Entertainment Co., a holding company, and its direct and indirect subsidiaries. We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K (this "Form 10-K") through Sphere Entertainment Group, LLC ("Sphere Entertainment Group") and MSG Networks Inc. (together with its subsidiaries, "MSG Networks"), and each of their direct and indirect subsidiaries.

The Company (formerly Madison Square Garden Entertainment Corp.) was incorporated on November 21, 2019 as a direct, wholly-owned subsidiary of Madison Square Garden Sports Corp. ("MSG Sports"). On April 17, 2020 (the "2020 Entertainment Distribution Date"), MSG Sports distributed all outstanding common stock of the Company to MSG Sports' stockholders (the "2020 Entertainment Distribution"). On July 9, 2021, MSG Networks Inc. merged with a subsidiary of the Company and became a wholly-owned subsidiary of the Company (the "Networks Merger"). On April 20, 2023 (the "MSGE Distribution Date"), the Company distributed approximately 67% of the outstanding common stock of MSGE Spinco, Inc. (now known as Madison Square Garden Entertainment Corp. and referred to herein as "MSG Entertainment") to its stockholders (the "MSGE Distribution"), with the Company retaining approximately 33% of the outstanding common stock of MSG Entertainment (in the form of MSG Entertainment Class A common stock) immediately following the MSGE Distribution (the "MSGE Retained Interest"). Following the dispositions of the MSGE Retained Interest, the Company no longer holds any of the outstanding common stock of MSG Entertainment. In connection with the MSGE Distribution, the Company changed its name to Sphere Entertainment Co.

Last close 108.94 2026-10-23
Market cap $3.94B estimated share count
52-week range 64.00 - 181.63

Valuation FY2025 figures against the last close

P/S3.2x
P/E147.2x
P/FCF16.2x
EV/EBITDA39.8x
Dividend yield—
Diluted EPS0.74

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Sphere
  • MSG Networks
Revenue by segment, 2 categories over 2 years. The same figures are in the table below. FY2025 Sphere, FY2025: 779.6M (64.0%) 64% Sphere MSG Networks, FY2025: 438.6M (36.0%) 36% MSG Networks FY2024 Sphere, FY2024: 494.1M (48.3%) 48% MSG Networks, FY2024: 529.7M (51.7%) 52%
Segment FY2025FY2024
Sphere $779.6M $494.1M
MSG Networks $438.6M $529.7M

As the company reported it, from the “Revenue Recognition - Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Revenue $1.22B$1.02B$571.2M$608.2M$647.5M$1.44B$1.05B$989.0M—
SG&A ———$681.8M$424.4M$433.2M$314.5M$273.0M—
Total operating expenses ———$1.83B$1.00B$822.7M$1.09B——
Operating income -$229.6M-$341.2M-$273.0M-$165.7M-$188.2M$235.2M-$45.6M-$31.3M—
Interest expense —$79.9M$0$0$20.4M$36.6M$5.6M$12.2M—
Pre-tax income $57.2M-$360.2M$275.4M-$167.7M-$160.8M$251.5M-$20.0M-$28.9M—
Income tax $23.8M$135.6M$103.4M$29.8M$38.9M$101.7M$443.0K$30.8M—
Net income $33.4M-$200.6M$505.7M-$190.1M-$395.6M$181.7M-$8.2M$6.9M—
EPS, basic 0.93-5.6814.51-5.77-4.605.21-0.35——
EPS, diluted 0.74-5.6814.40-5.77-4.595.20-0.350.29—
Shares, diluted (wtd. avg.) 45.3M35.3M34.9M34.3M34.3M34.9M23,99224.0M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Cash and equivalents $521.3M$573.2M$429.1M$760.3M$1.54B$1.12B$1.32B$1.23B$1.24B
Short-term investments ————$0$337.2M$108.4M——
Receivables ———$216.7M$184.6M$57.2M$81.0M——
Inventory $14.5M$12.6M$0$13.5M$9.5M————
Total current assets $810.2M$761.0M$623.9M$1.22B$1.87B$1.43B$1.35B——
Property, plant and equipment $2.71B$3.04B$3.31B$2.16B$2.16B$1.66B$1.35B——
Goodwill $344.8M$470.2M$456.8M$456.8M$456.8M$498.8M$165.6M$147.6M—
Other intangibles $21.8M$28.4M$17.9M$21.0M$198.3M$150.4M$214.4M——
Total assets $4.21B$4.52B$4.97B$5.52B$5.29B$3.73B$3.32B——
Accounts payable $24.6M$33.6M$39.7M$2.0M$26.6M$17.3M$24.0M——
Short-term debt $63.0M$829.1M$82.5M$66.0M$54.0M$5.4M$6.0M——
Total current liabilities $743.4M$1.37B$692.1M$961.1M$729.9M$510.0M$474.0M——
Long-term debt $767.4M$524.0M$1.12B$929.5M$1.65B$28.1M$48.6M——
Total liabilities $1.98B$2.31B$2.39B$3.36B$2.97B$844.8M$662.3M——
Retained earnings -$186.4M-$219.8M$212.0M-$290.7M-$96.3M$142.3M$0——
Total equity $2.23B$2.42B$2.58B$1.98B$2.18B$2.30B$2.15B$2.49B$2.45B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating cash flow $243.3M-$19.7M$153.6M$141.3M-$58.7M$308.1M$101.4M$144.4M—
Depreciation and amortisation $336.4M$256.5M$103.4M$124.6M$122.0M$112.1M$109.3M$112.1M—
Stock-based compensation $59.0M$48.0M$62.7M$77.1M$70.6M$61.4M$35.4M$27.3M—
Capital expenditure ———$756.7M$456.0M$455.2M$184.0M$187.4M—
Investing cash flow -$3.9M-$45.2M-$653.9M-$804.2M-$123.2M-$394.5M-$237.7M-$169.6M—
Financing cash flow -$233.3M$209.7M$85.5M-$30.4M$592.7M-$113.9M-$8.6M$15.4M—
Buybacks $50.0M$0$0$0$0$293.5M———

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-027969.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2018: 989M Net income, FY2018: 6.9M Revenue, FY2019: 1B Net income, FY2019: -8.2M Revenue, FY2020: 1.4B Net income, FY2020: 181.7M Revenue, FY2021: 647.5M Net income, FY2021: -395.6M Revenue, FY2022: 608.2M Net income, FY2022: -190.1M Revenue, FY2023: 571.2M Net income, FY2023: 505.7M Revenue, FY2024: 1B Net income, FY2024: -200.6M Revenue, FY2025: 1.2B Net income, FY2025: 33.4M FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $989.0M $1.05B $1.44B $647.5M $608.2M $571.2M $1.02B $1.22B
Gross profit — — — — — — — — —
Net income — $6.9M -$8.2M $181.7M -$395.6M -$190.1M $505.7M -$200.6M $33.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 7900

TickerCompanyMarket capP/ERevenue growth
LYV Live Nation Entertainment, Inc. $40.87B — 8.8%
TKO TKO Group Holdings, Inc. $12.95B 76.6x -3.1%
LLYVK Liberty Live Holdings, Inc. $9.20B — 12.2%
BATRK Atlanta Braves Holdings, Inc. $3.18B — 10.5%
ACEL Accel Entertainment, Inc. $893.1M 18.3x 8.1%
FUN Six Flags Entertainment Corporation/NEW $692.7M — 14.4%
RSVR Reservoir Media, Inc. $631.0M 73.6x 10.7%
LUCK Lucky Strike Entertainment Corp $571.1M — 3.7%