Sphere Entertainment Co. Reports Fourth Quarter and Full Year 2025 Results
Key Terms
adjusted operating income financial
operating income financial
operating loss financial
non-GAAP financial measures financial
goodwill impairment financial
direct operating expenses financial
selling, general and administrative expenses financial
Recent highlights for the Company’s Sphere segment include:
-
In January, the Company announced with the
State of Maryland , Prince George’s County, and Peterson Companies the intent to develop a new Sphere venue – which would be the second in theU.S. and first to utilize a smaller-scale design model – at National Harbor, a premier destination in theWashington, D.C. metropolitan area;
-
The Wizard of Oz at Sphere, the Sphere Experience that opened in
Las Vegas on August 28, 2025, surpassed two million tickets sold in mid-January;
- Lenovo held its Tech World event at Sphere during the Consumer Electronics Show (“CES”) in January, marking the venue’s second consecutive year as a CES keynote destination; and
- The Company announced multi-year sponsorship and advertising partnerships, including with Anheuser-Busch and Delta Air Lines, and debuted the first live interactive game experience on the Exosphere, in collaboration with the LEGO Group and Lucasfilm’s Star Wars.
For the three months ended December 31, 2025, the Company reported revenues of
For the twelve months ended December 31, 2025, the Company reported revenues of
Executive Chairman and CEO James L. Dolan said, “Today’s results serve as continued validation of the business model behind Sphere. As we begin 2026, we remain focused on expanding Sphere’s global footprint, including advancing our plans to bring Sphere to
Segment Results for the Three and Twelve Months Ended December 31, 2025 and 2024:
(In millions) |
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||||
|
|
December 31, |
|
Change |
|
December 31, |
|
Change |
||||||||||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
$ |
|
% |
|
|
2025 |
|
|
|
2024 |
|
|
$ |
|
% |
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Sphere |
|
$ |
274.2 |
|
|
$ |
169.0 |
|
|
$ |
105.2 |
|
|
62 |
% |
|
$ |
781.4 |
|
|
$ |
617.7 |
|
|
$ |
163.7 |
|
|
27 |
% |
MSG Networks |
|
|
120.1 |
|
|
|
139.3 |
|
|
|
(19.2 |
) |
|
(14 |
)% |
|
|
438.6 |
|
|
|
513.3 |
|
|
|
(74.6 |
) |
|
(15 |
)% |
Total Revenues |
|
$ |
394.3 |
|
|
$ |
308.3 |
|
|
$ |
86.0 |
|
|
28 |
% |
|
$ |
1,220.0 |
|
|
$ |
1,130.9 |
|
|
$ |
89.1 |
|
|
8 |
% |
Operating Income (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Sphere |
|
$ |
(6.5 |
) |
|
$ |
(107.9 |
) |
|
$ |
101.4 |
|
|
94 |
% |
|
$ |
(268.2 |
) |
|
$ |
(421.0 |
) |
|
$ |
152.9 |
|
|
36 |
% |
MSG Networks |
|
|
35.4 |
|
|
|
(35.0 |
) |
|
|
70.5 |
|
|
NM |
|
|
|
38.6 |
|
|
|
48.7 |
|
|
|
(10.1 |
) |
|
(21 |
)% |
Total Operating Income (Loss) |
|
$ |
28.9 |
|
|
$ |
(142.9 |
) |
|
$ |
171.9 |
|
|
NM |
|
|
$ |
(229.6 |
) |
|
$ |
(372.3 |
) |
|
$ |
142.8 |
|
|
38 |
% |
Adjusted Operating Income (Loss):(1) |
||||||||||||||||||||||||||||||
Sphere |
|
$ |
89.4 |
|
|
$ |
(0.8 |
) |
|
$ |
90.2 |
|
|
NM |
|
|
$ |
144.6 |
|
|
$ |
(19.7 |
) |
|
$ |
164.2 |
|
|
NM |
|
MSG Networks |
|
|
38.6 |
|
|
|
33.7 |
|
|
|
5.0 |
|
|
15 |
% |
|
|
117.3 |
|
|
|
129.5 |
|
|
|
(12.2 |
) |
|
(9 |
)% |
Total Adjusted Operating Income |
|
$ |
128.0 |
|
|
$ |
32.9 |
|
|
$ |
95.2 |
|
|
NM |
|
|
$ |
261.8 |
|
|
$ |
109.8 |
|
|
$ |
152.0 |
|
|
138 |
% |
Note: Does not foot due to rounding. NM — Absolute percentages greater than
|
||||||||||||||||||||||||||||||
Sphere
For the three months ended December 31, 2025, the Sphere segment reported revenues of
Revenues related to The Sphere Experience increased
Revenues from sponsorship, Exosphere advertising and suite license fees increased
Other revenues decreased
Event-related revenues decreased
For the three months ended December 31, 2025, the Sphere segment had direct operating expenses of
For the three months ended December 31, 2025, selling, general and administrative expenses of
For the three months ended December 31, 2025, operating loss of
MSG Networks
For the three months ended December 31, 2025, the MSG Networks segment reported total revenues of
Distribution revenue decreased
For the three months ended December 31, 2025, direct operating expenses of
For the three months ended December 31, 2025, selling, general and administrative expenses of
In addition, results for the three months ended December 31, 2025 had no impairment and other losses, net, as compared to a non-cash goodwill impairment charge of
For the three months ended December 31, 2025, operating income of
About Sphere Entertainment Co.
Sphere Entertainment Co. is a leader in immersive experiences, technology and media. The Company includes Sphere, an experiential medium powered by advanced technologies. The first Sphere opened in
Non-GAAP Financial Measures
We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) before (i) depreciation, amortization and impairments of property and equipment, goodwill and intangible assets, (ii) amortization for capitalized cloud computing arrangement costs, (iii) share-based compensation expense, (iv) restructuring charges or credits, (v) merger, debt work-out and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries, (vi) gains or losses on sales or dispositions of businesses and associated settlements, (vii) the impact of purchase accounting adjustments related to business acquisitions, and (viii) gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, debt work-out and acquisition-related costs, including merger related litigation expenses, net of insurance recoveries, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with
We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of our business segments and the Company on a consolidated basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this earnings release.
Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.
Conference Call Information:
The conference call will be Webcast live today at 10:00 a.m. ET at investor.sphereentertainmentco.com
Conference call dial-in number is 888-800-3155 / Conference ID Number 8089430
Conference call replay number is 800-770-2030 / Conference ID Number 8089430 until February 19, 2026
SPHERE ENTERTAINMENT CO.
|
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Revenues |
|
$ |
394,283 |
|
|
$ |
308,290 |
|
|
$ |
1,220,045 |
|
|
$ |
1,130,928 |
|
Direct operating expenses |
|
|
(163,354 |
) |
|
|
(167,175 |
) |
|
|
(589,979 |
) |
|
|
(610,430 |
) |
Selling, general and administrative expenses |
|
|
(114,934 |
) |
|
|
(135,286 |
) |
|
|
(441,918 |
) |
|
|
(484,452 |
) |
Depreciation and amortization |
|
|
(84,173 |
) |
|
|
(83,319 |
) |
|
|
(336,411 |
) |
|
|
(327,436 |
) |
Impairment and other losses, net |
|
|
(162 |
) |
|
|
(61,200 |
) |
|
|
(69,781 |
) |
|
|
(70,968 |
) |
Restructuring charges |
|
|
(2,739 |
) |
|
|
(4,251 |
) |
|
|
(11,520 |
) |
|
|
(9,972 |
) |
Operating income (loss) |
|
|
28,921 |
|
|
|
(142,941 |
) |
|
|
(229,564 |
) |
|
|
(372,330 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
||||||||
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
346,092 |
|
|
|
— |
|
Interest income |
|
|
2,799 |
|
|
|
4,374 |
|
|
|
13,498 |
|
|
|
26,796 |
|
Interest expense |
|
|
(9,079 |
) |
|
|
(30,414 |
) |
|
|
(70,546 |
) |
|
|
(111,428 |
) |
Other (expense) income, net |
|
|
(197 |
) |
|
|
651 |
|
|
|
(2,265 |
) |
|
|
(5,913 |
) |
Income (loss) from continuing operations before income taxes |
|
|
22,444 |
|
|
|
(168,330 |
) |
|
|
57,215 |
|
|
|
(462,875 |
) |
Income tax benefit (expense) |
|
|
42,295 |
|
|
|
42,380 |
|
|
|
(23,810 |
) |
|
|
113,185 |
|
Income (loss) from continuing operations |
|
|
64,739 |
|
|
|
(125,950 |
) |
|
|
33,405 |
|
|
|
(349,690 |
) |
Income from discontinued operations, net of taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24,631 |
|
Less: Net income attributable to participating securities |
|
|
7,092 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) attributable to Sphere Entertainment Co.’s stockholders |
|
$ |
57,647 |
|
|
$ |
(125,950 |
) |
|
$ |
33,405 |
|
|
$ |
(325,059 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per common share |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
1.62 |
|
|
$ |
(3.49 |
) |
|
$ |
0.93 |
|
|
$ |
(9.77 |
) |
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.69 |
|
Basic income (loss) per common share attributable to Sphere Entertainment Co.’s stockholders |
|
$ |
1.62 |
|
|
$ |
(3.49 |
) |
|
$ |
0.93 |
|
|
$ |
(9.09 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Diluted income (loss) per common share |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
1.23 |
|
|
$ |
(3.49 |
) |
|
$ |
0.74 |
|
|
$ |
(9.77 |
) |
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.69 |
|
Diluted income (loss) per common share attributable to Sphere Entertainment Co.’s stockholders |
|
$ |
1.23 |
|
|
$ |
(3.49 |
) |
|
$ |
0.74 |
|
|
$ |
(9.09 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
35,687 |
|
|
|
36,054 |
|
|
|
36,069 |
|
|
|
35,775 |
|
Diluted |
|
|
46,859 |
|
|
|
36,054 |
|
|
|
45,298 |
|
|
|
35,775 |
|
SPHERE ENTERTAINMENT CO.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(In thousands)
(Unaudited)
The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating income as described in this earnings release:
- Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units, performance stock units and stock options granted under the Sphere Entertainment Employee Stock Plan, MSG Sports Employee Stock Plan, MSG Networks Employee Stock Plan, as amended and assumed by Sphere Entertainment, and Sphere Entertainment Non-Employee Director Plan.
- Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.
- Restructuring charges. This adjustment eliminates costs related to termination benefits provided to employees as part of the Company's full-time workforce reductions.
- Impairment and other losses (gains), net. This adjustment eliminates non-cash impairment charges and the impact of gains or losses from the disposition of assets or businesses.
- Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries. This adjustment eliminates costs related to mergers, debt work-outs and acquisitions, including litigation expenses.
- Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.
- Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the Company's executive deferred compensation plan.
|
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||
|
|
December 31, |
|
December 31, |
|||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Operating income (loss) |
|
$ |
28,921 |
|
$ |
(142,941 |
) |
|
$ |
(229,564 |
) |
|
$ |
(372,330 |
) |
Share-based compensation |
|
|
10,027 |
|
|
17,827 |
|
|
|
59,005 |
|
|
|
63,439 |
|
Depreciation and amortization |
|
|
84,173 |
|
|
83,319 |
|
|
|
336,411 |
|
|
|
327,436 |
|
Restructuring charges |
|
|
2,739 |
|
|
4,251 |
|
|
|
11,520 |
|
|
|
9,972 |
|
Impairment and other losses, net |
|
|
162 |
|
|
61,200 |
|
|
|
69,781 |
|
|
|
70,968 |
|
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries |
|
|
358 |
|
|
7,557 |
|
|
|
7,888 |
|
|
|
8,322 |
|
Amortization for capitalized cloud computing costs |
|
|
1,579 |
|
|
1,709 |
|
|
|
6,316 |
|
|
|
1,774 |
|
Remeasurement of deferred compensation plan liabilities |
|
|
67 |
|
|
(66 |
) |
|
|
467 |
|
|
|
259 |
|
Adjusted operating income |
|
$ |
128,026 |
|
$ |
32,856 |
|
|
$ |
261,824 |
|
|
$ |
109,840 |
|
SPHERE ENTERTAINMENT CO.
|
||||||||||||
BUSINESS SEGMENT RESULTS |
||||||||||||
|
|
Three Months Ended
|
||||||||||
|
|
Sphere |
|
MSG Networks |
|
Total |
||||||
Revenues |
|
$ |
274,190 |
|
|
$ |
120,093 |
|
|
$ |
394,283 |
|
Direct operating expenses |
|
|
(92,645 |
) |
|
|
(70,709 |
) |
|
|
(163,354 |
) |
Selling, general and administrative expenses |
|
|
(104,104 |
) |
|
|
(10,830 |
) |
|
|
(114,934 |
) |
Depreciation and amortization |
|
|
(82,061 |
) |
|
|
(2,112 |
) |
|
|
(84,173 |
) |
Impairment and other losses, net |
|
|
(162 |
) |
|
|
— |
|
|
|
(162 |
) |
Restructuring charges |
|
|
(1,731 |
) |
|
|
(1,008 |
) |
|
|
(2,739 |
) |
Operating (loss) income |
|
$ |
(6,513 |
) |
|
$ |
35,434 |
|
|
$ |
28,921 |
|
Reconciliation to adjusted operating income: |
|
|
|
|
|
|
||||||
Share-based compensation |
|
|
9,956 |
|
|
|
71 |
|
|
|
10,027 |
|
Depreciation and amortization |
|
|
82,061 |
|
|
|
2,112 |
|
|
|
84,173 |
|
Restructuring charges |
|
|
1,731 |
|
|
|
1,008 |
|
|
|
2,739 |
|
Impairment and other losses, net |
|
|
162 |
|
|
|
— |
|
|
|
162 |
|
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries |
|
|
358 |
|
|
|
— |
|
|
|
358 |
|
Amortization for capitalized cloud computing costs |
|
|
1,579 |
|
|
|
— |
|
|
|
1,579 |
|
Remeasurement of deferred compensation plan liabilities |
|
|
67 |
|
|
|
— |
|
|
|
67 |
|
Adjusted operating income |
|
$ |
89,401 |
|
|
$ |
38,625 |
|
|
$ |
128,026 |
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended
|
||||||||||
|
|
Sphere |
|
MSG Networks |
|
Total |
||||||
Revenues |
|
$ |
169,020 |
|
|
$ |
139,270 |
|
|
$ |
308,290 |
|
Direct operating expenses |
|
|
(72,665 |
) |
|
|
(94,510 |
) |
|
|
(167,175 |
) |
Selling, general and administrative expenses |
|
|
(119,003 |
) |
|
|
(16,283 |
) |
|
|
(135,286 |
) |
Depreciation and amortization |
|
|
(81,002 |
) |
|
|
(2,317 |
) |
|
|
(83,319 |
) |
Impairment and other losses, net |
|
|
— |
|
|
|
(61,200 |
) |
|
|
(61,200 |
) |
Restructuring charges |
|
|
(4,251 |
) |
|
|
— |
|
|
|
(4,251 |
) |
Operating loss |
|
$ |
(107,901 |
) |
|
$ |
(35,040 |
) |
|
$ |
(142,941 |
) |
Reconciliation to adjusted operating (loss) income: |
|
|
|
|
|
|
||||||
Share-based compensation |
|
|
16,183 |
|
|
|
1,644 |
|
|
|
17,827 |
|
Depreciation and amortization |
|
|
81,002 |
|
|
|
2,317 |
|
|
|
83,319 |
|
Restructuring charges |
|
|
4,251 |
|
|
|
— |
|
|
|
4,251 |
|
Impairment and other losses, net |
|
|
— |
|
|
|
61,200 |
|
|
|
61,200 |
|
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries |
|
|
4,151 |
|
|
|
3,406 |
|
|
|
7,557 |
|
Amortization for capitalized cloud computing costs |
|
|
1,579 |
|
|
|
130 |
|
|
|
1,709 |
|
Remeasurement of deferred compensation plan liabilities |
|
|
(66 |
) |
|
|
— |
|
|
|
(66 |
) |
Adjusted operating (loss) income |
|
$ |
(801 |
) |
|
$ |
33,657 |
|
|
$ |
32,856 |
|
|
|
|
|
|
|
|
||||||
SPHERE ENTERTAINMENT CO.
|
||||||||||||
|
|
Twelve Months Ended
|
||||||||||
|
|
Sphere |
|
MSG Networks |
|
Total |
||||||
Revenues |
|
$ |
781,412 |
|
|
$ |
438,633 |
|
|
$ |
1,220,045 |
|
Direct operating expenses |
|
|
(318,265 |
) |
|
|
(271,714 |
) |
|
|
(589,979 |
) |
Selling, general and administrative expenses |
|
|
(389,594 |
) |
|
|
(52,324 |
) |
|
|
(441,918 |
) |
Depreciation and amortization |
|
|
(327,769 |
) |
|
|
(8,642 |
) |
|
|
(336,411 |
) |
Impairment and other losses, net |
|
|
(4,381 |
) |
|
|
(65,400 |
) |
|
|
(69,781 |
) |
Restructuring charges |
|
|
(9,560 |
) |
|
|
(1,960 |
) |
|
|
(11,520 |
) |
Operating (loss) income |
|
$ |
(268,157 |
) |
|
$ |
38,593 |
|
|
$ |
(229,564 |
) |
Reconciliation to adjusted operating income: |
|
|
|
|
|
|
||||||
Share-based compensation |
|
|
60,272 |
|
|
|
(1,267 |
) |
|
|
59,005 |
|
Depreciation and amortization |
|
|
327,769 |
|
|
|
8,642 |
|
|
|
336,411 |
|
Restructuring charges. |
|
|
9,560 |
|
|
|
1,960 |
|
|
|
11,520 |
|
Impairment and other losses, net |
|
|
4,381 |
|
|
|
65,400 |
|
|
|
69,781 |
|
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries |
|
|
3,954 |
|
|
|
3,934 |
|
|
|
7,888 |
|
Amortization for capitalized cloud computing costs |
|
|
6,316 |
|
|
|
— |
|
|
|
6,316 |
|
Remeasurement of deferred compensation plan liabilities |
|
|
467 |
|
|
|
— |
|
|
|
467 |
|
Adjusted operating income |
|
$ |
144,562 |
|
|
$ |
117,262 |
|
|
$ |
261,824 |
|
|
|
|
|
|
|
|
||||||
|
|
Twelve Months Ended
|
||||||||||
|
|
Sphere |
|
MSG Networks |
|
Total |
||||||
Revenues |
|
$ |
617,673 |
|
|
$ |
513,255 |
|
|
$ |
1,130,928 |
|
Direct operating expenses |
|
|
(265,278 |
) |
|
|
(345,152 |
) |
|
|
(610,430 |
) |
Selling, general and administrative expenses |
|
|
(435,038 |
) |
|
|
(49,414 |
) |
|
|
(484,452 |
) |
Depreciation and amortization |
|
|
(318,667 |
) |
|
|
(8,769 |
) |
|
|
(327,436 |
) |
Impairment and other losses, net |
|
|
(9,768 |
) |
|
|
(61,200 |
) |
|
|
(70,968 |
) |
Restructuring charges |
|
|
(9,932 |
) |
|
|
(40 |
) |
|
|
(9,972 |
) |
Operating (loss) income |
|
$ |
(421,010 |
) |
|
$ |
48,680 |
|
|
$ |
(372,330 |
) |
Reconciliation to adjusted operating (loss) income: |
|
|
|
|
|
|
||||||
Share-based compensation |
|
|
54,973 |
|
|
|
8,466 |
|
|
|
63,439 |
|
Depreciation and amortization |
|
|
318,667 |
|
|
|
8,769 |
|
|
|
327,436 |
|
Restructuring charges |
|
|
9,932 |
|
|
|
40 |
|
|
|
9,972 |
|
Impairment and other losses, net |
|
|
9,768 |
|
|
|
61,200 |
|
|
|
70,968 |
|
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries |
|
|
6,169 |
|
|
|
2,153 |
|
|
|
8,322 |
|
Amortization for capitalized cloud computing costs |
|
|
1,579 |
|
|
|
195 |
|
|
|
1,774 |
|
Remeasurement of deferred compensation plan liabilities |
|
|
259 |
|
|
|
— |
|
|
|
259 |
|
Adjusted operating (loss) income |
|
$ |
(19,663 |
) |
|
$ |
129,503 |
|
|
$ |
109,840 |
|
SPHERE ENTERTAINMENT CO.
|
||||||||
|
|
As of December 31, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
ASSETS |
|
|
|
|
||||
Current Assets: |
|
|
|
|
||||
Cash, cash equivalents and restricted cash |
|
$ |
521,264 |
|
|
$ |
515,633 |
|
Accounts receivable, net |
|
|
171,630 |
|
|
|
154,624 |
|
Related party receivables, current |
|
|
24,457 |
|
|
|
25,729 |
|
Prepaid expenses and other current assets |
|
|
92,824 |
|
|
|
65,007 |
|
Total current assets |
|
|
810,175 |
|
|
|
760,993 |
|
Non-Current Assets: |
|
|
|
|
||||
Investments |
|
|
38,725 |
|
|
|
40,396 |
|
Property and equipment, net |
|
|
2,710,643 |
|
|
|
3,035,730 |
|
Right-of-use lease assets |
|
|
91,372 |
|
|
|
93,920 |
|
Goodwill |
|
|
344,772 |
|
|
|
410,172 |
|
Intangible assets, net |
|
|
21,817 |
|
|
|
28,383 |
|
Other non-current assets |
|
|
192,404 |
|
|
|
145,706 |
|
Total assets |
|
$ |
4,209,908 |
|
|
$ |
4,515,300 |
|
LIABILITIES AND EQUITY |
|
|
|
|
||||
Current Liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
24,593 |
|
|
$ |
33,606 |
|
Accrued expenses and other current liabilities |
|
|
431,477 |
|
|
|
388,370 |
|
Related party payables, current |
|
|
14,301 |
|
|
|
9,504 |
|
Current portion of long-term debt, net |
|
|
63,009 |
|
|
|
829,125 |
|
Operating lease liabilities, current |
|
|
17,186 |
|
|
|
19,268 |
|
Deferred revenue |
|
|
192,808 |
|
|
|
91,794 |
|
Total current liabilities |
|
|
743,374 |
|
|
|
1,371,667 |
|
Non-Current Liabilities: |
|
|
|
|
||||
Long-term debt, net |
|
|
767,439 |
|
|
|
524,010 |
|
Operating lease liabilities, non-current |
|
|
113,824 |
|
|
|
116,668 |
|
Deferred tax liabilities, net |
|
|
172,111 |
|
|
|
148,870 |
|
Other non-current liabilities |
|
|
179,921 |
|
|
|
152,666 |
|
Total liabilities |
|
|
1,976,669 |
|
|
|
2,313,881 |
|
Commitments and contingencies |
|
|
|
|
||||
Equity: |
|
|
|
|
||||
Class A Common Stock (a) |
|
|
297 |
|
|
|
290 |
|
Class B Common Stock (b) |
|
|
69 |
|
|
|
69 |
|
Additional paid-in capital |
|
|
2,470,120 |
|
|
|
2,428,414 |
|
Treasury stock, at cost, 1,054 and 0 shares as of December 31, 2025 and 2024 |
|
|
(50,024 |
) |
|
|
— |
|
Accumulated deficit |
|
|
(186,441 |
) |
|
|
(219,846 |
) |
Accumulated other comprehensive loss |
|
|
(782 |
) |
|
|
(7,508 |
) |
Total stockholders’ equity |
|
|
2,233,239 |
|
|
|
2,201,419 |
|
Total liabilities and equity |
|
$ |
4,209,908 |
|
|
$ |
4,515,300 |
|
_________________
|
||||||||
SPHERE ENTERTAINMENT CO.
|
||||||||
|
|
Twelve Months Ended |
||||||
|
|
December 31, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
Net cash provided by operating activities |
|
$ |
243,346 |
|
|
$ |
69,407 |
|
Net cash used in investing activities |
|
|
(3,901 |
) |
|
|
(106,312 |
) |
Net cash used in financing activities |
|
|
(233,345 |
) |
|
|
(74,168 |
) |
Effect of exchange rates on cash, cash equivalents and restricted cash |
|
(469 |
) |
(1,121 |
) |
|||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
5,631 |
|
|
|
(112,194 |
) |
Cash, cash equivalents and restricted cash beginning of period |
|
|
515,633 |
|
|
|
627,827 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
521,264 |
|
|
$ |
515,633 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260212059585/en/
Ari Danes, CFA
Investor Relations and Financial Communications
(212) 465-6072
Grace Kaminer
Investor Relations
(212) 631-5076
Sarah Rothschild
Investor Relations
(212) 631-5345
Source: Sphere Entertainment Co.
