Investors Business Daily·Jun 26, 2026
Entertainment Stocks Madison Square Garden, Sphere Rally To New HighsEntertainment leader Sphere stock continues to outperform in the current market environment, setting new highs.
Sphere Entertainment Co.(SPHR)Earnings, Financials & Key Ratios
SPHR•NYSE
$156.48
Price updated Jul 7, 2026
AboutSphere 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, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre. The company also operates 70 entertainment dining and nightlife venues spanning 20 markets across five continents under the Tao, Marquee, Lavo, Beauty & Essex, Cathédrale, Hakkasan, and Omnia brand names; and creates and operates New England's premier music festival. In addition, it features the Radio City Rockettes, which serves as the star for its Christmas Spectacular at Radio City Music Hall. The company was formerly known as Madison Square Garden Entertainment Corp. and changed its name to Sphere Entertainment Co. in April 2023. Sphere Entertainment Co. was founded in 2006 and is based in New York, New York.Show more
- Revenue$1.03B
- EBITDA$33M+139.5%
- Net Income-$201M
- EPS (Diluted)-5.68
- Gross Margin21.67%-53.5%
- EBITDA Margin3.26%+139.5%
- Operating Margin-21.72%+34.7%
- Net Margin-19.54%
- ROE-8.31%-3.5%
SPHR Price & Volume
Sphere Entertainment Co. (SPHR) stock price & volume — 10-year historical chart
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Operational Throughput Gains Drive Sphere Deleveraging Cycle
Investment Thesis • Updated 2026Q3
VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Strained
Cash Flow:Improving
Primary Risk:High Fixed Cost Leverage
Key Thesis Takeaways
- Sphere Entertainment is transitioning from a capital-intensive construction phase to an operational focus, evidenced by a significant reduction in total debt from $1.5 billion in 2024Q3 to $938.4 million in 2026Q3.
- While the company has achieved a positive operating margin of 2.8% in the most recent quarter, long-term profitability remains sensitive to venue occupancy and the high fixed-cost structure inherent in its $2.7 billion net property base.
- Investors should monitor whether the current free cash flow generation of $131.4 million can be sustained to offset historical retained earnings deficits of $182.0 million.
Verdict Logic
while the company has achieved a positive free cash flow of $131.4 million, the high EV/EBITDA multiple of 211.24 warrants caution regarding the sustainability of current valuation levels.
SPHR Growth Metrics
Sphere Entertainment Co. (SPHR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-0.82%
5 Years-6.49%
3 Years18.96%
TTM21.62%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM133.3%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM119.22%
Return on Capital
10 Years-2.38%
5 Years-4.71%
3 Years-7.19%
Last Year-6.53%
SPHR Recent Earnings
Sphere Entertainment Co. (SPHR) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 5, 2026Metric
Actual
Est
EPS
$0.01+103.2%
$0.31
Rev
$386M+23.3%
$313M
Q1 2026
Feb 12, 2026Metric
Actual
Est
EPS
$1.23+1125.0%
$0.12
Rev
$394M+6.0%
$372M
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$1.37+15.4%
$1.62
Rev
$263M-30.5%
$378M
Q3 2025
Aug 11, 2025Metric
Actual
Est
EPS
$2.71-72.6%
$1.57
Rev
$394M+4.9%
$376M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 5, 2026 | $0.01vs $0.31+103.2% | $386Mvs $313M+23.3% |
| Q1 2026 | Feb 12, 2026 | $1.23vs $0.12+1125.0% | $394Mvs $372M+6.0% |
| Q4 2025 | Nov 4, 2025 | $1.37vs $1.62+15.4% | $263Mvs $378M-30.5% |
| Q3 2025 | Aug 11, 2025 | $2.71vs $1.57-72.6% | $394Mvs $376M+4.9% |
Based on last 12 quarters of dataView full earnings history →
Latest SPHR News
Recent stock market news and headlines for Sphere Entertainment Co. (SPHR)
GuruFocus·Jun 18, 2026
Is Sphere Entertainment Co (SPHR) Overvalued After 3.3% Rally? GF Value Says OvervaluedOn June 18, 2026, Sphere Entertainment Co (SPHR) shares rose 3.3% to a current price of $157.33, within a 52-week range of $37.89 to $160.36. The stock has show
MarketBeat·Jun 17, 2026
Cheap Thrills: Why These 3 Entertainment Stocks Are SoaringDespite markets hitting all-time highs, Americans are still quite pessimistic about the state of the economy. The University of Michigan Index of Consumer Sentiment, one of the most commonly cited surveys, reached a record low of 44.8 in May.
Investors Business Daily·Jun 17, 2026
Sphere Balloons To Record High Before DeflatingSphere Entertainment stock inflated to a record high after receiving two price-target hikes from Wall Street analysts.
Business Wire·Jun 16, 2026
The Wizard of Oz at Sphere Surpasses $400 Million in Ticket Sales With Over 3 Million Total Tickets SoldBURBANK, Calif.--(BUSINESS WIRE)--THE WIZARD OF OZ AT SPHERE SURPASSES $400 MILLION IN TICKET SALES WITH OVER 3 MILLION TOTAL TICKETS SOLD.
Peers Comparison
Key metrics vs top competitors for Sphere Entertainment Co. (SPHR)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $156.48 | $5.63B | -27.55 | — | -19.54% | -8.31% | — | |
| $183.92 | $42.74B | -766.33 | 8.83% | 0.33% | 4.44% | — | |
| $74.98 | $3.55B | 97.38 | -1.72% | 4.81% | 8.89% | — | |
| $8.75 | $13.23B | 12.76 | 37.63% | 3.68% | 19.02% | — | |
| $59.84 | $4.58B | 18.24 | 12.07% | 38.81% | 11.68% | — | |
| $97.46 | $169.25B | 14.23 | 3.35% | 11.54% | 9.81% | — |
Compare SPHR vs Peers
Sphere Entertainment Co. (SPHR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
SPHR SEC Filings & Documents
Sphere Entertainment Co. (SPHR) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 5, 2026·SEC
Material company update
Feb 12, 2026·SEC
Material company update
Feb 3, 2026·SEC
10-K Annual Reports
210-Q Quarterly Reports
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SPHR Frequently Asked Questions
Sphere Entertainment Co. (SPHR) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Sphere Entertainment Co.'s revenue?
Sphere Entertainment Co. (SPHR) reported $1.33B in revenue for fiscal year 2025. This represents a 19% increase from $1.12B in 2015.
Is SPHR profitable?
Yes, Sphere Entertainment Co. (SPHR) is profitable, generating $119.8M in net income for fiscal year 2025 (-19.5% net margin).
Dividend & Returns
What is SPHR's return on equity?
Sphere Entertainment Co. (SPHR) has a return on equity (ROE) of -8.3%. Negative ROE indicates the company is unprofitable.
What is Sphere Entertainment Co.'s free cash flow?
Sphere Entertainment Co. (SPHR) generated $333.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.