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SPHR · NYSE · Entertainment

Sphere Entertainment

Operates the Sphere immersive venue and New York regional sports networks.

$141.68

After-hours close+0.04 (+0.03%)

At close$141.64(−3.87%)

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Profile

Sphere Entertainment Co.SPHRCommunication Services

Operates the Sphere immersive venue in Las Vegas and New York regional sports networks, earning from original productions, concerts, events, advertising, sponsorships, media distribution and streaming. In-house content production supports Sphere’s venue model, while MSG Networks depends on distributor carriage and local team media rights.

Operates Sphere in Las Vegas and MSG Networks in the New York region. The Sphere segment earns from The Sphere Experience, concert residencies, sports and brand events, Exosphere advertising, sponsorships, suites, food and merchandise. In-house Sphere Studios develops immersive productions and proprietary display, sound and multisensory tools, combining content ownership with event operations.

Distributes live local Knicks, Rangers, Islanders, Devils and Sabres games through MSG Network, MSG Sportsnet and the MSG+ streaming service. The media business earns mainly from distributor carriage, direct subscriptions and advertising.

Planned expansion seeks partner-backed models in Abu Dhabi and National Harbor, but current venue operations remain concentrated in Las Vegas. MSG Networks depends on affiliation agreements with major distributors and exclusive local team media rights.

Company facts

CEOJames Lawrence Dolan

ListedApr 9, 2020

ExchangeNYSE

HeadquartersNew York City, NY

CountryUnited States

Employees3,300

CIK0001795250

ISINUS55826T1025

Key statistics

Market cap$5.10B

EPS (ttm)−$2.68

P/E (ttm)−52.87

ROE-3.2%

P/B2.29

P/S3.76

Dividend yield—

Beta1.36vs XLC 0.28

Year to date +50.2% · Average volume (30d) 743.7K

Analysts

Price target, next 12 months$188.50+33.0%Median of 14 analysts · vs the Aug 28 close

ConsensusBuy11 of 14 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $141.68

High$193.00+36.2%

Median$188.50+33.0%

Low$170.00+20.0%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 20, 2026	Piper Sandler	Initiate	Overweight		$185
Aug 13, 2026	Seaport Global	Reiterate	Buy	$173	$191
Jul 31, 2026	Guggenheim	Reiterate	Buy	$188	$193
Jul 14, 2026	New Street	Target		$110	$188
Jul 13, 2026	Guggenheim	Target		$175	$188

Earnings

EPS

Estimate−$1.54

ReportedDue Nov 3, 2026

Revenue

Estimate$284.3M

ReportedDue Nov 3, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Jul 30, 2026Q4 FY26	−$1.51	−$1.07	+29.1%	$307.4M	$313.6M	+2.0%	+5.81%
May 5, 2026Q3 FY26	−$0.31	$0.01	+103.2%	$313.4M	$386.4M	+23.3%	+5.52%
Feb 12, 2026Q2 FY26	−$0.12	$1.23	+1,125.0%	$372.0M	$394.3M	+6.0%	−0.02%
Nov 4, 2025Q1 FY26	−$1.62	−$1.37	+15.4%	$377.6M	$262.5M	−30.5%	+5.72%

View details

Financial highlights

	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26
Revenue	$280.6M	$282.7M	$262.5M	$394.3M	$386.4M	$313.6M
Gross profit	$122.3M	$151.4M	$125.5M	$230.9M	$216.8M	$162.6M
Operating income	−$78.6M	−$50.2M	−$58.3M	$31.8M	$10.7M	−$60.9M
Net income	−$82.0M	$151.8M	−$101.2M	$64.7M	$4.5M	−$38.3M
Diluted EPS	−$2.27	$3.39	−$2.80	$1.23	−$0.04	−$1.07
Gross margin	43.6%	53.5%	47.8%	58.6%	56.1%	51.8%
Operating margin	-28.0%	-17.7%	-22.2%	8.1%	2.8%	-19.4%

Fiscal years (4-quarter sums)FY22 $1.62B · FY23 −$120.9M · FY24 $1.03B · FY25 $1.10B · FY26 $1.36B

Revenue by product · Q3 FY26

Ticketing And Venue License Fee Revenues$198.3M · 55%

Media Networks Revenue$120.4M · 34%

Food, Beverage And Merchandise Revenues$33.7M · 9%

Product And Service, Other$6.4M · 2%

Balance sheet, Jun 30, 2026Cash & short-term investments $521.3M · Total debt $961.5M · Total assets $4.43B · Shareholders' equity $2.23B

Dividends

No dividends on record.

Ownership

Institutions 117.40%Insiders 9.55%

A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.

Shares outstanding 35.98M · Float 33.87M · 94.1% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Mary S. Dolan, as Trustee of certain trusts described herein	4.28M	13.00%	13D	Mar 9, 2026
BlackRock, Inc.	4.08M	11.34%	13F	Aug 7, 2026
Mary S. Dolan, as a Trustee of the Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney and eac	4.05M	12.30%	13D	Feb 4, 2025
Dolan Kathleen Margaret · 10 percent owner, other: Member of 13(d) Group	2.81M	7.81%	Form 4	Sep 10, 2025
Jericho Capital Asset Management L.P.	2.61M	7.24%	13F	Aug 14, 2026

Insider tradesForm 4

No open-market trades in the last 12 months.