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MARKETS / NYSE / SPHR
NYSE · SERVICES-AMUSEMENT & RECREATION SERVICES · LARGE CAP

Sphere Entertainment Co. SPHR

8 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.2B
$33.4M
In brief

What this company does

The company is organized into two reportable segments: Sphere, an experiential medium powered by advanced technologies, and MSG Networks, which operates two regional sports and entertainment networks as well as a direct-to-consumer and authenticated streaming product. Sphere Entertainment Co. is a Nevada corporation with its principal executive office at Two Pennsylvania Plaza, New York, NY, 10121. As of December 31, 2025, the company had approximately 1,100 full-time union and non-union employees and approximately 2,200 part-time union and non-union employees. The company's first Sphere venue opened in Las Vegas on September 29, 2023. MSG Networks serves the New York designated market area, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania. MSG Network and MSG Sportsnet had an average combined reach of approximately 2.9 million viewing subscribers as of November 2025 in the company's Regional Territory. The company, formerly Madison Square Garden Entertainment Corp., was incorporated on November 21, 2019 as a wholly-owned subsidiary of Madison Square Garden Sports Corp.

Written from the business description in SPHERE ENTERTAINMENT CO.'s annual report to the U.S. Securities and Exchange Commission, filed 12 February 2026. Every sentence was checked against that document before publication.

Growth
USD 1.2B
Revenue, FY2025 · full 8-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.2 · Net income 0.0
0.50B1.00B-0.08B-0.16B20172018201920202021202220232025
Compound annual growth
+28.7%
+13.5%
−59.5%
−62.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +13.5% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
3 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating -18.8% · Net 2.7%
50%-20%-40%20172018201920202021202220232025
ROE
FY2025 · ROE 1.5%
10%20%-5%20172018201920202021202220232025

Each USD of equity produced 1 cents of profit this year.

Cash & shareholders
USD 43.5M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2021 · FCF -615.4
-250.0M-500.0M20172018201920202021202220232025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 43.5
100M200M201920202021202220232025

USD 43.5M in buybacks — 130% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 4.2B
EquityUSD 2.2B
CashUSD 521.3M
Gross debtUSD 830.4M
Net debtUSD 309.2M
Current ratio1.09×

Net debt stands at 14% of equity.

The 8-year record
8 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252023202220212020201920182017
Revenue $B1.21.00.60.60.61.41.01.0
Operating income $B−0.2−0.3−0.3−0.1−0.20.2−0.0−0.0
EBITDA $B0.1−0.1−0.20.0−0.10.30.10.1
Income tax $B0.0−0.10.1−0.00.00.10.0−0.0
Net income $B0.0−0.20.5−0.2−0.10.2−0.00.0
Free cash flow $B···−0.6−0.5−0.1−0.1−0.0
EPS, diluted $0.74−5.6814.40−5.77−4.595.20−0.350.29
Dividend / sh $········
Payout %········
ROE %1.5−8.022.1−9.4−5.96.7−0.3·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures · 1 divergences in 30 reconciliationsAUDITED

Reconciled in 7 of 19 fiscal years. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 60 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures1 divergent
ActivityServices-Amusement & Recreation Services
Listed onNYSE
Incorporated inNevada
Fiscal year endsDecember 31
Data on record since2017

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