Sphere Entertainment Co.

Listed Company

SPHRCIK 0001795250NYSELarge AcceleratedServices-Amusement & Recreation ServicesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$1.22B

Net Income

$33.41M

Total Assets

$4.21B

Equity

$2.23B

Shares Out

—

Op. Cash Flow

$243.35M

Business

Sphere Entertainment Co. is a holding company that operates a next‑generation immersive live entertainment venue and regional sports and media businesses. Its main offerings include Sphere, an immersive venue and original content productions (The Sphere Experience), concerts, residencies, marquee sporting and corporate events, advertising and premium hospitality, plus Sphere Studios for in‑house creative and production services. The company reports two segments—Sphere and MSG Networks (including MSG Network, MSG Sportsnet and MSG+)—that produce and distribute content. Its operations serve Las Vegas and the New York Designated Market Area and surrounding states through traditional distributors (cable, satellite, fiber) and direct‑to‑consumer streaming, as well as global advertising exposure via the Exosphere.

Summary from filing dated 2024-08-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Revenues	1,220	1,027	574	610	648
Depreciation and amortization	−336	−256	−103	−125	−122
Impairment and other (losses) gains, net	−70	−121	225	−3	0
Restructuring charges	−12	−9	−28	−13	21
Operating (loss) income	−230	−341	−273	−103	−188
Other (expense) income, net	−2	35	537	−6	−4
Income (loss) from continuing operations before income taxes	57	−360	275	−216	−161
Income tax (expense) benefit	−24	136	−103	30	−39
Income (loss) from continuing operations	33	−225	172	—	—
Income from discontinued operations, net of taxes	0	24	334	−52	−171
Net income (loss)	33	−201	506	−190	−167
Less: Net income attributable to redeemable noncontrolling interests from discontinued operations	—	—	4	8	−16
Net income (loss) attributable to Sphere Entertainment Co.s stockholders	33	−201	503	−194	−148
Continuing operations (in dollars per share)	0.93	−6.36	4.96	−4.02	0.14
Discontinued operations (in dollars per share)	0	0.68	9.55	−1.75	−4.74
Basic earnings (loss) per common share attributable to Sphere Entertainment Co.s stockholders (in dollars per share)	0.93	−5.68	14.51	−5.77	−4.6
Continuing operations (in dollars per share)	0.74	−6.36	4.93	−4.02	0.13
Discontinued operations (in dollars per share)	0	0.68	9.47	−1.75	−4.72
Diluted earnings (loss) per common share attributable to Sphere Entertainment Co.s stockholders (in dollars per share)	0.74	−5.68	14.4	−5.77	−4.59
Basic (in shares)	36	35	35	34	34
Diluted (in shares)	45	35	35	34	34

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30
Cash, cash equivalents and restricted cash	521	516	573	429	760
Prepaid expenses and other current assets	93	65	55	56	27
Total current assets	810	761	866	624	1,219
Investments	39	40	31	396	—
Property and equipment, net	2,711	3,036	3,158	3,307	2,158
Right-of-use lease assets	91	94	106	85	66
Goodwill	345	410	470	457	457
Intangible assets, net	22	28	32	18	21
Other non-current assets	192	146	124	87	49
Total assets	4,210	4,515	4,788	4,973	5,522
Accounts payable	25	34	—	—	32
Accrued expenses and other current liabilities	431	388	—	—	—
Current portion of long-term debt, net	63	829	849	83	66
Operating lease liabilities, current	17	19	19	10	7
Deferred revenue	193	92	80	27	4
Total current liabilities	743	1,372	1,374	692	961
Long-term debt, net	767	524	523	1,118	930
Operating lease liabilities, non-current	114	117	128	110	84
Deferred tax liabilities, net	172	149	225	380	144
Other non-current liabilities	180	153	123	89	91
Total liabilities	1,977	2,314	2,372	2,389	3,363
Commitments and contingencies (see Note 13)	—	—	—	—	—
Additional paid-in capital	2,470	2,428	2,410	2,376	2,302
Treasury stock, at cost, 1,054 and 0 shares as of December 31, 2025 and 2024	−50	0	—	—	—
Accumulated deficit	−186	−220	11	212	−291
Accumulated other comprehensive loss	−782,000	−8	−7	−5	−48
Total stockholders equity	2,233	2,201	2,416	2,584	1,963
Total liabilities and equity	4,210	4,515	4,788	4,973	5,522

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Amortization of debt discount and deferred financing costs	3	3	5	9	—
Amortization of deferred production content	34	20	0	—	—
Deferred income tax expense (benefit)	21	−133	123	−31	−71
Share-based compensation expense	59	48	63	77	71
Net unrealized and realized loss (gains) on equity investments with readily determinable fair value and loss (earnings) in nonconsolidated affiliates	2	23	−549	55	−44
Gain on extinguishment of debt	−360	0	0	—	—
Other non-cash adjustments	3	486,000	−538,000	1	5
Accounts receivable, net	−17	−115	7	−31	−19
Related party receivables and payables, net	6	−31	36	15	9
Prepaid expenses and other current and non-current assets	−108	−51	−179	−44	−33
Accounts payable	−9	−20	34	7	−4
Accrued expenses and other current and non-current liabilities	61	−8	83	72	43
Deferred revenue	112	62	135	19	13
Right-of-use lease assets and operating lease liabilities	−2	4	11	26	−6
Net cash provided by (used in) operating activities	243	−20	154	141	−59
Capital expenditures, net	−52	−265	−1,059	−757	−456
Investments and loans in nonconsolidated affiliates	0	−731,000	−6	—	—
Purchase of business, net of cash acquired	0	−9	0	0	—
Proceeds from sale of MSGE Retained Interest	0	257	205	—	—
Capitalized interest	0	−25	−116	−49	−35
Proceeds from dispositions, net	49	0	318	—	—
Proceeds from sale of investments	0	0	4	0	361
Other investing activities	−311,000	−2	0	0	197,000
Net cash used in investing activities	−4	−45	−654	−804	−123
Principal repayments on debt	−165	−84	−73	−725	−47
Taxes paid in lieu of shares issued for share-based compensation	−25	−17	−17	−17	−8
Proceeds from issuance of 3.50% Convertible Senior Notes due 2028	0	252	0	0	631
Borrowings under Delayed Draw Term Loan Facility	0	65	0	0	—
Proceeds from exercise of stock options	6	9	0	0	—
Purchase of capped call related to 3.50% Convertible Senior Notes due 2028	0	−14	0	0	—
Payments for debt financing costs	0	−1	−5	−18	−15
Proceeds from term loans, net of issuance discount	0	0	303	725	—
Noncontrolling interest holders capital contributions	0	0	3	6	19
Distribution to MSG Entertainment	0	0	−119	0	0
Distribution to related parties associated with the settlement of certain share-based awards	0	0	−2	−2	−2
Repayment of revolving credit facilities	0	0	−2	−15	0
Distributions to noncontrolling interest holders	0	0	−2	−7	—
Stock repurchases, inclusive of excise tax	−50	0	0	0	0
Net cash (used in) provided by financing activities	−233	210	86	−30	593
Effect of exchange rates on cash, cash equivalents and restricted cash	−469,000	−771,000	−2	−750,000	8
Net increase (decrease) in cash, cash equivalents and restricted cash	6	144	−417	−694	419
Capital expenditures incurred but not yet paid	4	50	248	206	110
Share-based compensation capitalized in property and equipment, net	763,000	2	4	3	5
Non-cash repayment of the Delayed Draw Term Loan Facility	0	66	0	0	—
Non-cash forgiveness of Holoplot Loan	0	10	0	0	—
Investments and loans to nonconsolidated affiliates	0	0	113,000	791,000	0

Filings

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