Sphere Entertainment Co. Earnings Per Share Disclosure
| Year Ended December 31, | Six Months Ended December 31, | Years Ended June 30, | ||||||||||||||||||||||||
| 2025 | 2024 | 2024 | 2023 | |||||||||||||||||||||||
| Weighted-average shares (denominator): | ||||||||||||||||||||||||||
| Weighted-average shares for basic EPS | 36,069 | 35,859 | 35,301 | 34,651 | ||||||||||||||||||||||
Dilutive effect of shares related to 3.50% convertible notes | 7,286 | — | — | — | ||||||||||||||||||||||
Dilutive effect of shares issuable under share-based compensation plans (a) | 1,943 | — | — | 278 | ||||||||||||||||||||||
| Weighted-average shares for diluted EPS | 45,298 | 35,859 | 35,301 | 34,929 | ||||||||||||||||||||||
Weighted-average anti-dilutive shares (a) | 3,637 | — | — | 800 | ||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2021 | Aug 23, 2021 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.