10-K · February 12, 2026
Sphere Entertainment’s 10-K emphasizes a strategy of scaling its immersive Sphere venue network and monetizing original content, advertising/sponsorship and premium hospitality alongside its MSG Networks media assets.…
Earnings analysis · 10-Q
SPHR earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Sphere Entertainment Co. reported robust Q1 2026 results with revenues of $386.4 million, up 38% year-over-year, significantly exceeding estimates. The company achieved a notable EPS loss of $0.04 against expectations…
Read full summary
Sphere Entertainment Co. reported robust Q1 2026 results with revenues of $386.4 million, up 38% year-over-year, significantly exceeding estimates. The company achieved a notable EPS loss of $0.04 against expectations of a much larger loss of $0.41, indicating improved operational efficiency and demand for its offerings, particularly in the Sphere segment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.04
- Segment
- Sphere
- Segment
- MSG Networks
What stood out
-
Revenue Growth of 38% YoY
Total revenue for Q1 2026 was $386.4 million, a 38% increase from $280.6 million in Q1 2025.
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EPS Loss Significantly Narrowed
EPS improved to a loss of $0.04, significantly better than the expected loss of $0.41.
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Sphere Segment Revenue Up 69%
The Sphere segment reported revenue of $266 million, a 69% increase from $157.5 million in the same quarter last year.
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Improved Operating Income
Operating income for Q1 2026 was $7.2 million compared to an operating loss of $78.6 million in Q1 2025.
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Strong Cash Generation
Net cash provided by operating activities was $136.2 million for the quarter, a significant increase from $6.3 million in Q1 2025.
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Liquidity Position Strengthened
Unrestricted cash increased to $629.1 million, up from $507.8 million at the end of 2025.
What to watch
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High Operating Expenses
Direct operating expenses rose 7%, amounting to $169.6 million, which could pressure future margins.
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Declining MSG Networks Revenue
MSG Networks segment revenues decreased by 2% to $120.4 million, primarily due to lower advertising revenue.
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Heavy Debt Load
Total debt outstanding was $810.4 million, raising concerns about liquidity amid high interest rates and refinancing risks.
Management's outlook
Management maintains a cautious outlook without specific numeric guidance.
Earlier filings 4
10-Q · November 4, 2025
Sphere Entertainment reported revenue of $262,511,000 for the quarter ended September 30, 2025, up from $227,913,000 a year ago, driven by strong growth in the Sphere segment. Despite higher revenue and positive…
10-Q · May 8, 2025
Sphere reported quarterly revenue of $280.6M, down from $321.3M a year ago, while operating loss widened to $78.6M and diluted loss per share increased to $(2.27). Operating cash flow collapsed to $6.3M and free cash…
10-K · August 14, 2024
Sphere Entertainment’s 10-K emphasizes a dual-business strategy: build and monetize a next-generation venue platform (Sphere in Las Vegas) using proprietary immersive technologies and original content, while operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.