Sphere Entertainment Co. (SPHR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 7, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SPHR SEC filings page.
Sphere Entertainment Co. (SPHR) reported $1.4B in revenue over the twelve months to Jun 30, 2026, up 23.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Sphere’s expanding revenue is reducing operating losses, but reported profit still depends on items below core operations.
From FY2024 to FY2025, operating margin improved from-33.2% to-18.8% while revenue expanded, showing better absorption of operating costs rather than a fully profitable core business. EBITDA turned positive at$106.8M even as operating income remained negative, a gap consistent with the business carrying substantial non-cash depreciation and amortization.
In FY2025, operating cash flow of
The balance sheet moved from short-term pressure in FY2024 to a current ratio of 1.1x in FY2025, while debt-to-equity rose to 0.3x. This combination indicates improved near-term coverage without eliminating the company’s reliance on balance-sheet financing.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Sphere Entertainment Co.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Sphere Entertainment Co. has an operating margin of -18.8%, meaning the company loses $19 on every $100 of revenue. This results in a profitability score of 26/100. This is up from -33.2% the prior year.
Sphere Entertainment Co.'s revenue surged 18.8% year-over-year to $1.2B, reflecting rapid business expansion. This strong growth earns a score of 94/100.
Sphere Entertainment Co. has elevated debt relative to equity (D/E of 0.34), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 26/100, reflecting increased financial risk.
Sphere Entertainment Co.'s current ratio of 1.09 is below the typical benchmark, resulting in a score of 23/100. However, the company holds substantial cash reserves (68% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Not available for Sphere Entertainment Co., and counted as zero in the overall score.
Sphere Entertainment Co.'s ROE of 1.5% shows moderate profitability relative to equity, earning a score of 33/100. This is up from -8.3% the prior year.
Sphere Entertainment Co. scores 1.22, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.8B) relative to total liabilities ($2.0B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Sphere Entertainment Co. passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Sphere Entertainment Co. generates $7.28 in operating cash flow ($243.3M OCF vs $33.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Sphere Entertainment Co. generated $313.6M in revenue in Q2 2026. This represents an increase of 11.0% from the same quarter a year earlier. Against the prior quarter it is down 18.8%.
Sphere Entertainment Co.'s EBITDA was $23.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 31.7% from the same quarter a year earlier. Against the prior quarter it is down 74.8%.
Sphere Entertainment Co. reported -$38.3M in net income in Q2 2026. This represents a decrease of 125.2% from the same quarter a year earlier. Against the prior quarter it is down 959.3%.
Sphere Entertainment Co. earned -$1.07 per diluted share (EPS) in Q2 2026. This represents a decrease of 131.6% from the same quarter a year earlier. Against the prior quarter it is down 2575.0%.
Cash & Balance Sheet
Sphere Entertainment Co. held $551.0M in cash against $722.1M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Sphere Entertainment Co.'s operating margin was -19.5% in Q2 2026, reflecting core business profitability. This is down 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 21.4 percentage points.
Sphere Entertainment Co.'s net profit margin was -12.2% in Q2 2026, showing the share of revenue converted to profit. This is down 65.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 13.4 percentage points.
Sphere Entertainment Co.'s ROE was -1.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 8.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.9 percentage points.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
SPHR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $313.6M+11.0% | $386.4M+37.7% | $394.3M+27.9% | $262.5M+15.2% | $282.7M+3.4% | $280.6M-12.7% | $308.3M-1.9% | $227.9M+93.1% |
| SG&A Expenses | $139.2M+23.2% | $121.7M+6.5% | N/A | $99.7M-16.2% | $113.0M+5.6% | $114.3M-7.2% | N/A | $119.0M+36.5% |
| Operating Income | -$61.3M-22.1% | $7.2M+109.2% | $28.9M+120.2% | -$129.7M-10.3% | -$50.2M+29.7% | -$78.6M-94.6% | -$142.9M+10.5% | -$117.6M-68.5% |
| EBITDA | $23.0M-31.7% | $91.6M+1529.3% | $113.1M+289.7% | -$45.6M-27.8% | $33.7M+207.9% | $5.6M-85.8% | -$59.6M+25.1% | -$35.7M+35.7% |
| Interest Expense | $8.3M-68.0% | $8.0M-69.3% | N/A | $9.4M-65.2% | $25.9M-3.9% | $26.2M-3.4% | N/A | $27.0M |
| Income Tax | -$26.9M-122.1% | -$4.8M+76.2% | -$42.3M | -$35.5M-7.7% | $121.9M+655.2% | -$20.3M-28.0% | N/A | -$33.0M+63.5% |
| Net Income | -$38.3M-125.2% | $4.5M+105.4% | $64.7M+151.4% | -$101.2M+3.9% | $151.8M+425.9% | -$82.0M-73.5% | -$126.0M+27.3% | -$105.3M-258.5% |
| EPS (Basic) | -$1.07-125.6% | -$0.04+98.2% | $1.80 | -$2.80+5.1% | $4.18+419.1% | -$2.27-70.7% | N/A | -$2.95-255.3% |
| EPS (Diluted) | -$1.07-131.6% | -$0.04+98.2% | $1.61 | -$2.80+5.1% | $3.39+358.8% | -$2.27-70.7% | N/A | -$2.95-256.1% |
| Diluted Shares (Avg) | 36M-19.4% | 36M-0.6% | N/A | 36M+1.5% | 45M+26.1% | 36M+2.0% | N/A | 36M+1.2% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
SPHR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.0B-3.9% | $4.2B-5.1% | $4.2B-6.8% | $4.1B-9.9% | $4.2B-12.3% | $4.4B-8.7% | $4.5B-7.5% | $4.6B-5.6% |
| Current Assets | $784.0M+31.7% | $903.6M+22.9% | $810.2M+6.5% | $666.4M-9.5% | $595.4M-31.2% | $735.1M-19.8% | $761.0M-13.4% | $736.1M+9.2% |
| Cash & Equivalents | $551.0M+54.9% | $629.1M+35.3% | $507.8M+1.2% | $384.8M-28.7% | $355.7M-36.5% | $465.0M-33.0% | $502.0M-18.3% | $539.6M+24.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $17.6M+37.5% | $18.3M+39.3% | $14.5M+14.9% | $12.6M-10.7% | $12.8M+7.8% | $13.2M+681.7% | $12.6M+1307.5% | $14.1M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $344.8M-15.9% | $344.8M-15.9% | $344.8M-15.9% | $344.8M-26.7% | $410.2M-12.8% | $410.2M-10.2% | $410.2M-10.2% | $470.2M+2.9% |
| Total Liabilities | $1.8B-4.1% | $2.0B-14.3% | $2.0B-14.6% | $2.0B-12.9% | $1.9B-20.5% | $2.3B-4.9% | $2.3B-4.3% | $2.3B+2.2% |
| Current Liabilities | $640.4M+21.5% | $742.7M-46.2% | $743.4M-45.8% | $697.2M-47.0% | $526.9M-61.6% | $1.4B-1.3% | $1.4B-1.9% | $1.3B+104.6% |
| Non-Current Liabilities | $1.2B-14.0% | $1.2B+33.3% | $1.2B+30.9% | $1.3B+33.6% | $1.4B+36.0% | $924.5M-9.9% | $942.2M-7.6% | $963.1M-39.3% |
| Long-Term Debt | $722.1M-13.1% | $752.7M+43.5% | $767.4M+46.5% | $786.1M+50.2% | $830.5M+58.9% | $524.7M+0.5% | $524.0M+0.5% | $523.4M-52.3% |
| Total Equity | $2.2B-3.7% | $2.2B+4.9% | $2.2B+1.4% | $2.2B-6.9% | $2.3B-4.2% | $2.1B-12.3% | $2.2B-10.7% | $2.3B-12.2% |
| Retained Earnings | -$220.3M-46.9% | -$182.0M+39.7% | -$186.4M+15.2% | -$251.2M-167.5% | -$150.0M-1417.2% | -$301.8M-620.6% | -$219.8M-309.0% | -$93.9M-133.7% |
Not reported in any period shown, so not listed: Accounts Receivable.
SPHR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$33.7M+43.0% | $136.2M+2046.2% | $180.2M+2576.7% | $115.8M+239.8% | -$59.1M+18.5% | $6.3M-93.7% | $6.7M-85.5% | $34.1M+136.0% |
| Depreciation & Amortization | $84.3M+0.5% | $84.4M+0.2% | $84.2M+1.0% | $84.1M+2.7% | $83.9M+1.9% | $84.2M+5.5% | $83.3M+4.1% | $81.9M+474.5% |
| Stock-Based Compensation | $17.7M-6.0% | $13.9M-35.6% | N/A | $8.5M-45.2% | $18.9M+41.5% | $21.6M+20.7% | N/A | $15.6M+218.8% |
| Investing Cash Flow | -$14.6M-143.0% | -$5.0M+71.5% | -$15.3M+62.3% | -$5.1M+74.2% | $34.0M+236.4% | -$17.6M+17.2% | -$40.6M+38.1% | -$19.6M-129.5% |
| Financing Cash Flow | -$29.9M+64.8% | -$22.3M+15.4% | -$41.3M-1691.0% | -$81.0M-127.4% | -$84.8M-264.1% | -$26.3M-102.9% | -$2.3M-101.2% | -$35.6M-170.0% |
| Share Buybacks | N/A | N/A | -$16K | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid.
SPHR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -19.5%-1.8pp | 1.9%+29.9pp | 7.3%+53.7pp | -49.4%+2.2pp | -17.7%+8.4pp | -28.0%-15.4pp | -46.4%+4.5pp | -51.6%+7.5pp |
| Net Margin | -12.2%-65.9pp | 1.1%+30.4pp | 16.4%+57.3pp | -38.6%+7.6pp | 53.7%+70.8pp | -29.2%-14.5pp | -40.8%+14.3pp | -46.2%-102.5pp |
| Return on Equity | -1.7%-8.3pp | 0.2%+4.0pp | 2.9%+8.6pp | -4.7%-0.2pp | 6.6%+8.5pp | -3.8%-1.9pp | -5.7%+1.3pp | -4.5%-7.1pp |
| Return on Assets | -0.9%-4.6pp | 0.1%+1.9pp | 1.5%+4.3pp | -2.5%-0.2pp | 3.6%+4.6pp | -1.8%-0.9pp | -2.8%+0.8pp | -2.3%-3.7pp |
| Current Ratio | 1.22+0.1x | 1.22+0.7x | 1.09+0.5x | 0.96+0.4x | 1.13+0.5x | 0.53-0.1x | 0.55-0.1x | 0.56-0.5x |
| Debt-to-Equity | 0.320.0x | 0.33+0.1x | 0.34+0.1x | 0.36+0.1x | 0.36+0.1x | 0.240.0x | 0.240.0x | 0.23-0.2x |
| Asset Turnover | 0.080.0x | 0.090.0x | 0.090.0x | 0.060.0x | 0.070.0x | 0.060.0x | 0.070.0x | 0.050.0x |
Not reported in any period shown, so not listed: Gross Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Sphere Entertainment Co. SPHR | FY2025 | $1.2B | $33.4M | 2.7% | $3.8B | 34/100 |
| iQIYI, Inc. IQ | FY2025 | $3.9B | -$29.5M | -0.8% | $994.0M | 26/100 |
| Atlanta Braves Holdings, Inc. Series C BATRK | FY2025 | $732.5M | -$23.4M | -3.2% | $3.3B | 26/100 |
| Atlanta Braves Holdings, Inc. Series A BATRA | FY2025 | $732.5M | -$23.4M | -3.2% | $3.7B | 26/100 |
| Cinemark Holdings, Inc. CNK | FY2025 | $3.1B | $138.2M | 4.4% | $4.2B | 11/100 |
Where Sphere Entertainment Co. Ranks
Frequently Asked Questions
What is Sphere Entertainment Co.'s annual revenue?
Sphere Entertainment Co. (SPHR) reported $1.2B in total revenue for fiscal year 2025. This represents a 18.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sphere Entertainment Co.'s revenue growing?
Sphere Entertainment Co. (SPHR) revenue grew by 18.8% year-over-year, from $1.0B to $1.2B in fiscal year 2025.
Is Sphere Entertainment Co. profitable?
Yes, Sphere Entertainment Co. (SPHR) reported a net income of $33.4M in fiscal year 2025, with a net profit margin of 2.7%.
What is Sphere Entertainment Co.'s EBITDA?
Sphere Entertainment Co. (SPHR) had EBITDA of $106.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Sphere Entertainment Co. have?
As of fiscal year 2025, Sphere Entertainment Co. (SPHR) had $507.8M in cash and equivalents against $767.4M in long-term debt.
What is Sphere Entertainment Co.'s operating margin?
Sphere Entertainment Co. (SPHR) had an operating margin of -18.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Sphere Entertainment Co.'s net profit margin?
Sphere Entertainment Co. (SPHR) had a net profit margin of 2.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sphere Entertainment Co.'s return on equity (ROE)?
Sphere Entertainment Co. (SPHR) has a return on equity of 1.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Sphere Entertainment Co.'s operating cash flow?
Sphere Entertainment Co. (SPHR) generated $243.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sphere Entertainment Co.'s total assets?
Sphere Entertainment Co. (SPHR) had $4.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Sphere Entertainment Co.'s current ratio?
Sphere Entertainment Co. (SPHR) had a current ratio of 1.09 as of fiscal year 2025, which is considered adequate.
What is Sphere Entertainment Co.'s debt-to-equity ratio?
Sphere Entertainment Co. (SPHR) had a debt-to-equity ratio of 0.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sphere Entertainment Co.'s return on assets (ROA)?
Sphere Entertainment Co. (SPHR) had a return on assets of 0.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sphere Entertainment Co.'s P/E ratio?
Sphere Entertainment Co. (SPHR) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $3.8B as of Oct 7, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Sphere Entertainment Co.'s price-to-sales ratio?
Sphere Entertainment Co. (SPHR) trades at 2.8x sales, its market capitalization divided by revenue of $1.4B revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.8B as of Oct 7, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Sphere Entertainment Co.'s Altman Z-Score?
Sphere Entertainment Co. (SPHR) has an Altman Z-Score of 1.22, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Sphere Entertainment Co.'s Piotroski F-Score?
Sphere Entertainment Co. (SPHR) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sphere Entertainment Co.'s earnings high quality?
Sphere Entertainment Co. (SPHR) has an earnings quality ratio of 7.28x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Sphere Entertainment Co.?
Sphere Entertainment Co. (SPHR) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.