SPHR
Sphere Entertainment Co.87.50
-2.36-2.63%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Capacity for 5-6 Sphere builds
Q&A clarified Sphere's capacity to manage 5-6 expansion projects simultaneously over coming years, all separately financed, with Dolan brushing off cannibalization fears across markets like Vegas and National Harbor. Construction costs haven't derailed talks, thanks to new methods; financing mixes public incentives, lenders, and partners. Wizard of Oz demand endures Vegas headwinds, spurring multi-show days and a Wizard 2.0 upgrade Dolan half-questions needing. Sponsorships gain steam via Delta, Anheuser-Busch, and interactive Exosphere hits like LEGO Star Wars. SG&A runs efficient but scales for growth. Sphere handles 5-6 builds at once. Watch project announcements.
Key Stats
Market Cap
3.15BP/E (TTM)
-Basic EPS (TTM)
-9.79Dividend Yield
0%Recent Filings
10-K
FY2025 results
Sphere Entertainment posted FY2025 operating loss of $230M on $1.2B revenue, improved from $372M loss on $1.1B in FY2024, driven by Sphere segment's revenue jump to $781M (up 27% y/y) from The Wizard of Oz debut boosting Sphere Experience shows while MSG Networks revenue fell 15% to $439M on 13% subscriber drop. Q4 momentum shone in Sphere with higher per-show revenue, Eagles residency acceleration, and brand events, though MSG Networks faced Altice carriage lapse until February 2025. Debt stands at $830M post-restructuring with $159M MSGN term loan; $508M cash supports content capex. MSG Networks risks ongoing subscriber erosion from streaming shifts.
8-K
Q4 revenue jumps 28%
Sphere Entertainment reported Q4 revenues of $394.3M, up 28% year-over-year, driven by Sphere segment's $274.2M surge from Wizard of Oz shows. Full-year adjusted operating income hit $261.8M, up 138%, despite MSG Networks subscriber drop. Sphere sold 2M Oz tickets; National Harbor venue planned. Expansion validates model, but impairments linger.
8-K
Sphere refinances $550M debt
Sphere Entertainment's MSG Las Vegas subsidiary secured $275M term loan and $275M revolving facility from JPMorgan-led syndicate on January 29, 2026, refinancing prior debt. Facilities mature January 29, 2031, with SOFR+2.50-3.00% rates and covenants capping leverage at 3.50:1.00 while requiring 2.50:1.00 debt service coverage. Collateral includes Sphere leasehold; distributions permitted if covenants met.
8-K
Winters named SVP Controller
Sphere Entertainment appointed Christopher Winters, 45, as Senior Vice President, Controller, and Principal Accounting Officer effective November 24, 2025. Winters brings deep experience from MSGE and prior Sphere roles, plus EY audit tenure. His deal offers $400,000 base, 40% target bonus, and $330,000 long-term incentives. Non-compete binds him for one year post-exit.
8-K
Q3 revenues up 15%
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