SPHR

MKT CAP:$5B

Sphere Entertainment Co.

Market Cap

$5B

Communication Services·Entertainment·🇺🇸 United States·NYSE

Communication·Entertainment·🇺🇸·NYSE

Stock Price

$131.38+$37.08 (+39.32%)

Apr 24, 2026

Company Details

Sphere Entertainment Co. engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing...

CEO

James Lawrence Dolan

IPO Date

Apr 9, 2020

Website

www.msgentertainment.com

Key Metrics TTM

Revenue

$1.2B

+7.3% YoY

Net Income

$33M

EPS (Diluted)

-$0.30

Free Cash Flow

$191M

Revenue / Share

$26.04

Gross Margin

51.6%

Operating Margin

-18.8%

Net Margin

2.7%

FCF Margin

15.7%

P/S

3.9x

P/E

142.6x

Earnings Reports

Q3 2026

May 7, 2026

PENDING

Q2 2026

Feb 12, 2026

$394MEPS $1.38

Q1 2026

Nov 4, 2025

$263M+15.2%EPS -$2.80

FY 2025

Mar 3, 2025

$1.0B+0.0%EPS -$5.68

Q4 2025

Aug 11, 2025

$283M+3.4%EPS $3.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 16	$218M	$76M	-$46M
Q3 17	$386M	$133M	$7M
Q4 17	$306M	$75M	-$92M
Q3 18	$460M	$160M	$7M
Q1 19	$291M	$117M	$15M
Q2 19	$291M	$117M	$15M
Q4 23	-$566M	-$249M	-$217M
Q1 24	$118M	$34M	-$70M
Q2 24	$314M	$154M	-$160M
Q3 24	$321M	$167M	-$40M
Q4 24	$273M	$124M	-$71M
Q1 25	$228M	$88M	-$118M
Q3 25	$281M	$122M	-$79M
Q4 25	$283M	$151M	-$50M
Q1 26	$263M	$126M	-$130M
Q2 26	$394M	$231M	$29M

Valuation

Quarter	P/S	P/E
Q4 16	0.6x	—
Q3 17	0.6x	—
Q4 17	0.7x	—
Q3 18	0.7x	—
Q1 19	0.6x	—
Q2 19	0.7x	—
Q4 23	2.0x	1.6x
Q1 24	10.8x	2.2x
Q2 24	7.8x	2.7x
Q3 24	9.2x	4.5x
Q4 24	1.2x	—
Q1 25	1.4x	—
Q3 25	1.1x	—
Q4 25	1.4x	—
Q1 26	2.1x	—
Q2 26	2.8x	101.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 16	$42M	$42M
Q3 17	$0	$0
Q4 17	$109M	$109M
Q3 18	$0	$0
Q1 19	$12M	-$27M
Q2 19	$12M	-$27M
Q4 23	$16M	-$190M
Q1 24	-$95M	-$285M
Q2 24	$46M	-$19M
Q3 24	$101M	$82M
Q4 24	-$72M	-$87M
Q1 25	$34M	$16M
Q3 25	$6M	-$11M
Q4 25	-$59M	-$74M
Q1 26	$116M	$111M
Q2 26	$180M	$165M

Capital Expenditures

Quarter	CapEx
Q4 16	$0
Q3 17	$0
Q4 17	$0
Q3 18	$0
Q1 19	$39M
Q2 19	$39M
Q4 23	$206M
Q1 24	$190M
Q2 24	$66M
Q3 24	$19M
Q4 24	$15M
Q1 25	$19M
Q3 25	$17M
Q4 25	$15M
Q1 26	$5M
Q2 26	$15M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 17	-15.9%	-12.1%
Q4 17	-32.0%	+4.9%
Q3 18	+36.7%	+15.0%
Q1 19	+33.7%	+4.8%
Q2 19	-24.6%	-27.1%
Q4 23	-285.1%	-187.7%
Q1 24	-74.3%	-58.5%
Q2 24	+7.9%	+71.4%
Q3 24	+10.4%	+30.8%
Q4 24	+148.3%	+198.8%
Q1 25	+93.1%	+84.0%
Q3 25	-10.7%	-24.2%
Q4 25	-12.0%	-8.0%
Q1 26	-4.0%	+13.8%
Q2 26	+73.0%	+5.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 16	$7M	3.1%
Q3 17	$10M	2.7%
Q4 17	$11M	3.5%
Q3 18	$10M	2.2%
Q1 19	$10M	3.3%
Q2 19	$10M	3.3%
Q4 23	$7M	—
Q1 24	$5M	4.1%
Q2 24	$12M	3.8%
Q3 24	$18M	5.6%
Q4 24	$13M	4.9%
Q1 25	$16M	6.8%
Q3 25	$22M	7.7%
Q4 25	$19M	6.7%
Q1 26	$9M	3.3%
Q2 26	$10M	2.5%

OpEx Breakdown

Quarter	SG&A
Q4 16	$97M
Q3 17	$100M
Q4 17	$139M
Q3 18	$122M
Q1 19	$75M
Q2 19	$75M
Q4 23	$10M
Q1 24	$87M
Q2 24	$116M
Q3 24	$123M
Q4 24	$107M
Q1 25	$119M
Q3 25	$114M
Q4 25	$113M
Q1 26	$100M
Q2 26	$115M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$999M	$0	$999M
Q4 22	$747M	$0	$747M
Q1 23	$441M	$0	$441M
Q2 23	$432M	$0	$432M
Q3 23	$218M	$0	$218M
Q4 23	$132M	$0	$132M
Q1 24	$434M	$0	$434M
Q2 24	$615M	$0	$615M
Q3 24	$681M	$0	$681M
Q4 24	$560M	$0	$560M
Q1 25	$540M	$0	$540M
Q2 25	$502M	$0	$502M
Q3 25	$465M	$0	$465M
Q4 25	$356M	$0	$356M
Q1 26	$385M	$0	$385M
Q2 26	$508M	$0	$508M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 16	24M	-0.6%	—
Q3 17	24M	-2.7%	-69.5%
Q4 17	24M	-1.1%	-69.6%
Q3 18	24M	+1.1%	-3.4%
Q1 19	24M	+0.8%	-2.0%
Q2 19	24M	0.0%	+0.7%
Q4 23	35M	+46.8%	+49.5%
Q1 24	35M	-0.0%	+48.0%
Q2 24	35M	+0.2%	+47.2%
Q3 24	35M	+0.3%	+47.6%
Q4 24	36M	+0.4%	+1.0%
Q1 25	36M	+0.3%	+1.2%
Q3 25	36M	+1.3%	+2.3%
Q4 25	45M	+24.2%	+26.6%
Q1 26	36M	-19.3%	+1.8%
Q2 26	47M	+29.4%	+31.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 16	—	—
Q3 17	—	—
Q4 17	—	—
Q3 18	—	—
Q1 19	—	—
Q2 19	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$88.2K	3K
Q1 25	$73.5K	3K
Q3 25	$90.5K	3K
Q4 25	$91.2K	3K
Q1 26	$84.7K	3K
Q2 26	$119.5K	3K

Revenue / Employee