Sphere Entertainment Co. Reports Second Quarter 2026 Results
Key Terms
adjusted operating income financial
non-gaap financial measures financial
mark-to-market adjustments financial
restricted stock units financial
Recent highlights for the Company’s Sphere segment include:
-
In May, the Company announced with the Department of Culture and Tourism –
Abu Dhabi that Yas Island has been selected as the location for Sphere Abu Dhabi, with construction expected to be completed by the end of 2029; - The Company remains in discussions with a significant number of markets globally regarding additional large and smaller-scale Sphere venues, while plans to bring Sphere to National Harbor also continue to move forward;
- The Company announced the production of a new Sphere Experience – The Rocky Horror Picture Show at Sphere – based on the 1975 film, which is expected to open in 2027;
-
In mid-June, The Wizard of Oz at Sphere, the Sphere Experience that opened in
Las Vegas on August 28, 2025, surpassed$400 million - In July, the Company and Formula 1 Las Vegas Grand Prix announced a new five-year agreement, extending their partnership through 2030.
For the three months ended June 30, 2026, the Company reported revenues of
Executive Chairman and CEO James L. Dolan said, “Today’s results reflect our continued execution in
Segment Results for the Three and Six Months Ended June 30, 2026 and 2025:
(In millions) |
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||||||
|
|
June 30, |
|
Change |
|
June 30, |
|
Change |
||||||||||||||||||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
$ |
|
% |
|
|
2026 |
|
|
|
2025 |
|
|
$ |
|
% |
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Sphere |
|
$ |
226.4 |
|
|
$ |
175.6 |
|
|
$ |
50.8 |
|
|
29 |
% |
|
$ |
492.3 |
|
|
$ |
333.1 |
|
|
$ |
159.2 |
|
|
48 |
% |
MSG Networks |
|
|
87.3 |
|
|
|
107.1 |
|
|
|
(19.8 |
) |
|
(18 |
)% |
|
|
207.7 |
|
|
|
230.1 |
|
|
|
(22.4 |
) |
|
(10 |
)% |
Total Revenues |
|
$ |
313.6 |
|
|
$ |
282.7 |
|
|
$ |
31.0 |
|
|
11 |
% |
|
$ |
700.1 |
|
|
$ |
563.3 |
|
|
$ |
136.8 |
|
|
24 |
% |
Operating (Loss) Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Sphere |
|
$ |
(69.6 |
) |
|
$ |
(83.4 |
) |
|
$ |
13.9 |
|
|
17 |
% |
|
$ |
(94.5 |
) |
|
$ |
(177.2 |
) |
|
$ |
82.8 |
|
|
47 |
% |
MSG Networks |
|
|
8.3 |
|
|
|
33.3 |
|
|
|
(25.0 |
) |
|
(75 |
)% |
|
|
40.4 |
|
|
|
48.4 |
|
|
|
(8.0 |
) |
|
(17 |
)% |
Total Operating Loss |
|
$ |
(61.3 |
) |
|
$ |
(50.2 |
) |
|
$ |
(11.1 |
) |
|
(22 |
)% |
|
$ |
(54.1 |
) |
|
$ |
(128.8 |
) |
|
$ |
74.7 |
|
|
58 |
% |
Adjusted Operating Income:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Sphere |
|
$ |
39.9 |
|
|
$ |
24.9 |
|
|
$ |
15.0 |
|
|
60 |
% |
|
$ |
114.2 |
|
|
$ |
38.1 |
|
|
$ |
76.1 |
|
|
200 |
% |
MSG Networks |
|
|
11.0 |
|
|
|
36.5 |
|
|
|
(25.5 |
) |
|
(70 |
)% |
|
|
46.7 |
|
|
|
59.3 |
|
|
|
(12.6 |
) |
|
(21 |
)% |
Total Adjusted Operating Income |
|
$ |
50.9 |
|
|
$ |
61.5 |
|
|
$ |
(10.5 |
) |
|
(17 |
)% |
|
$ |
160.9 |
|
|
$ |
97.4 |
|
|
$ |
63.5 |
|
|
65 |
% |
| Note: Does not foot due to rounding. | |||
(1) |
See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures. |
||
Sphere
For the three months ended June 30, 2026, the Sphere segment reported revenues of
Revenues related to The Sphere Experience increased
Revenues from sponsorship, Exosphere advertising and suite license fees increased
Event-related revenues decreased
For the three months ended June 30, 2026, the Sphere segment had direct operating expenses of
For the three months ended June 30, 2026, selling, general and administrative expenses of
For the three months ended June 30, 2026, operating loss of
MSG Networks
For the three months ended June 30, 2026, the MSG Networks segment reported total revenues of
Distribution revenue decreased
Advertising revenue decreased
For the three months ended June 30, 2026, direct operating expenses of
For the three months ended June 30, 2026, selling, general and administrative expenses of
For the three months ended June 30, 2026, 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 Las Vegas, with plans also announced for Sphere venues in Abu Dhabi and National Harbor. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as a direct-to-consumer and authenticated streaming product, MSG+, delivering a wide range of live sports content and other programming. More information is available at www.sphereentertainmentco.com.
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 U.S. generally accepted accounting principles (“GAAP”), gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan are recognized in operating income (loss) whereas gains and losses related to the remeasurement of the assets under the Company’s Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in other income (expense), net, which is not reflected in operating income (loss).
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 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 833-461-5787 / Conference ID Number 777582186
Webcast replay available at investor.sphereentertainmentco.com
SPHERE ENTERTAINMENT CO. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
Revenues |
|
$ |
313,639 |
|
|
$ |
282,677 |
|
|
$ |
700,051 |
|
|
$ |
563,251 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Direct operating expenses |
|
|
151,063 |
|
|
|
131,318 |
|
|
|
320,710 |
|
|
|
289,641 |
|
Selling, general, and administrative expenses |
|
|
139,207 |
|
|
|
113,023 |
|
|
|
260,910 |
|
|
|
227,292 |
|
Depreciation and amortization |
|
|
84,308 |
|
|
|
83,907 |
|
|
|
168,675 |
|
|
|
168,136 |
|
Impairment and other losses, net |
|
|
— |
|
|
|
3,641 |
|
|
|
79 |
|
|
|
4,162 |
|
Restructuring charges |
|
|
323 |
|
|
|
947 |
|
|
|
3,737 |
|
|
|
2,788 |
|
Operating loss |
|
|
(61,262 |
) |
|
|
(50,159 |
) |
|
|
(54,060 |
) |
|
|
(128,768 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
||||||||
Gain (loss) on extinguishment of debt |
|
|
— |
|
|
|
346,092 |
|
|
|
(2,071 |
) |
|
|
346,092 |
|
Interest income |
|
|
4,786 |
|
|
|
4,084 |
|
|
|
8,737 |
|
|
|
7,962 |
|
Interest expense |
|
|
(8,273 |
) |
|
|
(25,862 |
) |
|
|
(16,312 |
) |
|
|
(52,068 |
) |
Other expense, net |
|
|
(504 |
) |
|
|
(400 |
) |
|
|
(1,928 |
) |
|
|
(1,740 |
) |
(Loss) income from continuing operations before income taxes |
|
|
(65,253 |
) |
|
|
273,755 |
|
|
|
(65,634 |
) |
|
|
171,478 |
|
Income tax benefit (expense) |
|
|
26,926 |
|
|
|
(121,939 |
) |
|
|
31,767 |
|
|
|
(101,616 |
) |
Net (loss) income |
|
|
(38,327 |
) |
|
|
151,816 |
|
|
|
(33,867 |
) |
|
|
69,862 |
|
Less: Net income attributable to participating securities |
|
|
461 |
|
|
|
— |
|
|
|
6,514 |
|
|
|
— |
|
Net (loss) income attributable to Sphere Entertainment Co.’s stockholders |
|
$ |
(38,788 |
) |
|
$ |
151,816 |
|
|
$ |
(40,381 |
) |
|
$ |
69,862 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic (loss) income per common share attributable to Sphere Entertainment Co.’s stockholders |
|
$ |
(1.07 |
) |
|
$ |
4.18 |
|
|
$ |
(1.12 |
) |
|
$ |
1.93 |
|
Diluted (loss) income per common share attributable to Sphere Entertainment Co.’s stockholders |
|
$ |
(1.07 |
) |
|
$ |
3.39 |
|
|
$ |
(1.12 |
) |
|
$ |
1.56 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
36,150 |
|
|
|
36,283 |
|
|
|
36,015 |
|
|
|
36,196 |
|
Diluted |
|
|
36,150 |
|
|
|
44,848 |
|
|
|
36,015 |
|
|
|
44,865 |
|
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 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 certain executives and employees.
- 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 |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
Operating loss |
|
$ |
(61,262 |
) |
|
$ |
(50,159 |
) |
|
$ |
(54,060 |
) |
|
$ |
(128,768 |
) |
Share-based compensation |
|
|
17,722 |
|
|
|
18,850 |
|
|
|
31,632 |
|
|
|
40,445 |
|
Depreciation and amortization |
|
|
84,308 |
|
|
|
83,907 |
|
|
|
168,675 |
|
|
|
168,136 |
|
Restructuring charges |
|
|
323 |
|
|
|
947 |
|
|
|
3,737 |
|
|
|
2,788 |
|
Impairment and other losses, net |
|
|
— |
|
|
|
3,641 |
|
|
|
79 |
|
|
|
4,162 |
|
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries |
|
|
8,206 |
|
|
|
2,482 |
|
|
|
8,293 |
|
|
|
7,273 |
|
Amortization for capitalized cloud computing arrangement costs |
|
|
1,399 |
|
|
|
1,579 |
|
|
|
2,316 |
|
|
|
3,158 |
|
Remeasurement of deferred compensation plan liabilities |
|
|
228 |
|
|
|
219 |
|
|
|
228 |
|
|
|
240 |
|
Adjusted operating income |
|
$ |
50,924 |
|
|
$ |
61,466 |
|
|
$ |
160,900 |
|
|
$ |
97,434 |
|
SPHERE ENTERTAINMENT CO. SEGMENT RESULTS (In thousands) (Unaudited) |
|||||||||||
BUSINESS SEGMENT RESULTS |
|||||||||||
|
|
Three Months Ended June 30, 2026 |
|||||||||
|
|
Sphere |
|
MSG Networks |
|
Total |
|||||
Revenues |
|
$ |
226,353 |
|
|
$ |
87,286 |
|
$ |
313,639 |
|
Operating expenses: |
|
|
|
|
|
|
|||||
Direct operating expenses |
|
|
87,730 |
|
|
|
63,333 |
|
|
151,063 |
|
Selling, general and administrative expenses |
|
|
125,590 |
|
|
|
13,617 |
|
|
139,207 |
|
Depreciation and amortization |
|
|
82,286 |
|
|
|
2,022 |
|
|
84,308 |
|
Restructuring charges |
|
|
323 |
|
|
|
— |
|
|
323 |
|
Operating (loss) income |
|
$ |
(69,576 |
) |
|
$ |
8,314 |
|
$ |
(61,262 |
) |
Reconciliation to adjusted operating income: |
|
|
|
|
|
|
|||||
Share-based compensation |
|
|
17,043 |
|
|
|
679 |
|
|
17,722 |
|
Depreciation and amortization |
|
|
82,286 |
|
|
|
2,022 |
|
|
84,308 |
|
Restructuring charges |
|
|
323 |
|
|
|
— |
|
|
323 |
|
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries |
|
|
8,206 |
|
|
|
— |
|
|
8,206 |
|
Amortization for capitalized cloud computing arrangement costs |
|
|
1,399 |
|
|
|
— |
|
|
1,399 |
|
Remeasurement of deferred compensation plan liabilities |
|
|
228 |
|
|
|
— |
|
|
228 |
|
Adjusted operating income |
|
$ |
39,909 |
|
|
$ |
11,015 |
|
$ |
50,924 |
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended June 30, 2025 |
|||||||||
|
|
Sphere |
|
MSG Networks |
|
Total |
|||||
Revenues |
|
$ |
175,587 |
|
|
$ |
107,090 |
|
$ |
282,677 |
|
Operating expenses: |
|
|
|
|
|
|
|||||
Direct operating expenses |
|
|
76,351 |
|
|
|
54,967 |
|
|
131,318 |
|
Selling, general and administrative expenses |
|
|
96,389 |
|
|
|
16,634 |
|
|
113,023 |
|
Depreciation and amortization |
|
|
81,707 |
|
|
|
2,200 |
|
|
83,907 |
|
Impairment and other losses, net |
|
|
3,641 |
|
|
|
— |
|
|
3,641 |
|
Restructuring charges |
|
|
947 |
|
|
|
— |
|
|
947 |
|
Operating (loss) income |
|
$ |
(83,448 |
) |
|
$ |
33,289 |
|
$ |
(50,159 |
) |
Reconciliation to adjusted operating income: |
|
|
|
|
|
|
|||||
Share-based compensation |
|
|
17,953 |
|
|
|
897 |
|
|
18,850 |
|
Depreciation and amortization |
|
|
81,707 |
|
|
|
2,200 |
|
|
83,907 |
|
Restructuring charges |
|
|
947 |
|
|
|
— |
|
|
947 |
|
Impairment and other losses, net |
|
|
3,641 |
|
|
|
— |
|
|
3,641 |
|
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries |
|
|
2,351 |
|
|
|
131 |
|
|
2,482 |
|
Amortization for capitalized cloud computing arrangement costs |
|
|
1,579 |
|
|
|
— |
|
|
1,579 |
|
Remeasurement of deferred compensation plan liabilities |
|
|
219 |
|
|
|
— |
|
|
219 |
|
Adjusted operating income |
|
$ |
24,949 |
|
|
$ |
36,517 |
|
$ |
61,466 |
|
SPHERE ENTERTAINMENT CO. SEGMENT RESULTS (In thousands) (Unaudited) |
|||||||||||
BUSINESS SEGMENT RESULTS |
|||||||||||
|
|
Six Months Ended June 30, 2026 |
|||||||||
|
|
Sphere |
|
MSG Networks |
|
Total |
|||||
Revenues |
|
$ |
492,318 |
|
|
$ |
207,733 |
|
$ |
700,051 |
|
Operating expenses: |
|
|
|
|
|
|
|||||
Direct operating expenses |
|
|
186,956 |
|
|
|
133,754 |
|
|
320,710 |
|
Selling, general and administrative expenses |
|
|
232,186 |
|
|
|
28,724 |
|
|
260,910 |
|
Depreciation and amortization |
|
|
164,560 |
|
|
|
4,115 |
|
|
168,675 |
|
Impairment and other losses, net |
|
|
79 |
|
|
|
— |
|
|
79 |
|
Restructuring charges |
|
|
2,996 |
|
|
|
741 |
|
|
3,737 |
|
Operating (loss) income |
|
$ |
(94,459 |
) |
|
$ |
40,399 |
|
$ |
(54,060 |
) |
Reconciliation to adjusted operating income: |
|
|
|
|
|
|
|||||
Share-based compensation |
|
|
30,186 |
|
|
|
1,446 |
|
|
31,632 |
|
Depreciation and amortization |
|
|
164,560 |
|
|
|
4,115 |
|
|
168,675 |
|
Restructuring charges |
|
|
2,996 |
|
|
|
741 |
|
|
3,737 |
|
Impairment and other losses, net |
|
|
79 |
|
|
|
— |
|
|
79 |
|
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries |
|
|
8,293 |
|
|
|
— |
|
|
8,293 |
|
Amortization for capitalized cloud computing arrangement costs |
|
|
2,316 |
|
|
|
— |
|
|
2,316 |
|
Remeasurement of deferred compensation plan liabilities |
|
|
228 |
|
|
|
— |
|
|
228 |
|
Adjusted operating income |
|
$ |
114,199 |
|
|
$ |
46,701 |
|
$ |
160,900 |
|
|
|
|
|
|
|
|
|||||
|
|
Six Months Ended June 30, 2025 |
|||||||||
|
|
Sphere |
|
MSG Networks |
|
Total |
|||||
Revenues |
|
$ |
333,132 |
|
|
$ |
230,119 |
|
$ |
563,251 |
|
Operating expenses: |
|
|
|
|
|
|
|||||
Direct operating expenses |
|
|
146,887 |
|
|
|
142,754 |
|
|
289,641 |
|
Selling, general and administrative expenses |
|
|
192,793 |
|
|
|
34,499 |
|
|
227,292 |
|
Depreciation and amortization |
|
|
163,712 |
|
|
|
4,424 |
|
|
168,136 |
|
Impairment and other losses, net |
|
|
4,162 |
|
|
|
— |
|
|
4,162 |
|
Restructuring charges |
|
|
2,788 |
|
|
|
— |
|
|
2,788 |
|
Operating (loss) income |
|
$ |
(177,210 |
) |
|
$ |
48,442 |
|
$ |
(128,768 |
) |
Reconciliation to adjusted operating income: |
|
|
|
|
|
|
|||||
Share-based compensation |
|
|
37,907 |
|
|
|
2,538 |
|
|
40,445 |
|
Depreciation and amortization |
|
|
163,712 |
|
|
|
4,424 |
|
|
168,136 |
|
Restructuring charges |
|
|
2,788 |
|
|
|
— |
|
|
2,788 |
|
Impairment and other losses, net |
|
|
4,162 |
|
|
|
— |
|
|
4,162 |
|
Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries |
|
|
3,339 |
|
|
|
3,934 |
|
|
7,273 |
|
Amortization for capitalized cloud computing arrangement costs |
|
|
3,158 |
|
|
|
— |
|
|
3,158 |
|
Remeasurement of deferred compensation plan liabilities |
|
|
240 |
|
|
|
— |
|
|
240 |
|
Adjusted operating income |
|
$ |
38,096 |
|
|
$ |
59,338 |
|
$ |
97,434 |
|
SPHERE ENTERTAINMENT CO. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) |
||||||||
|
|
As of |
||||||
|
|
June 30, |
|
December 31, |
||||
|
|
|
2026 |
|
|
|
2025 |
|
ASSETS |
|
|
|
|
||||
Current Assets: |
|
|
|
|
||||
Cash, cash equivalents, and restricted cash |
|
$ |
552,019 |
|
|
$ |
521,264 |
|
Accounts receivable, net |
|
|
152,316 |
|
|
|
171,630 |
|
Related party receivables, current |
|
|
12,802 |
|
|
|
24,457 |
|
Prepaid expenses and other current assets |
|
|
66,906 |
|
|
|
92,824 |
|
Total current assets |
|
|
784,043 |
|
|
|
810,175 |
|
Non-Current Assets: |
|
|
|
|
||||
Investments |
|
|
37,309 |
|
|
|
38,725 |
|
Property and equipment, net |
|
|
2,550,078 |
|
|
|
2,710,643 |
|
Right-of-use lease assets |
|
|
96,500 |
|
|
|
91,372 |
|
Goodwill |
|
|
344,772 |
|
|
|
344,772 |
|
Intangible assets, net |
|
|
18,506 |
|
|
|
21,817 |
|
Other non-current assets |
|
|
204,760 |
|
|
|
192,404 |
|
Total assets |
|
$ |
4,035,968 |
|
|
$ |
4,209,908 |
|
LIABILITIES AND EQUITY |
|
|
|
|
||||
Current Liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
13,880 |
|
|
$ |
24,593 |
|
Accrued expenses and other current liabilities |
|
|
391,507 |
|
|
|
431,477 |
|
Related party payables, current |
|
|
4,234 |
|
|
|
14,301 |
|
Current portion of long-term debt, net |
|
|
58,263 |
|
|
|
63,009 |
|
Operating lease liabilities, current |
|
|
14,085 |
|
|
|
17,186 |
|
Deferred revenue |
|
|
158,443 |
|
|
|
192,808 |
|
Total current liabilities |
|
|
640,412 |
|
|
|
743,374 |
|
Non-Current Liabilities: |
|
|
|
|
||||
Long-term debt, net |
|
|
722,142 |
|
|
|
767,439 |
|
Operating lease liabilities, non-current |
|
|
118,816 |
|
|
|
113,824 |
|
Deferred tax liabilities, net |
|
|
135,198 |
|
|
|
172,111 |
|
Other non-current liabilities |
|
|
191,542 |
|
|
|
179,921 |
|
Total liabilities |
|
|
1,808,110 |
|
|
|
1,976,669 |
|
Commitments and contingencies |
|
|
|
|
||||
Equity: |
|
|
|
|
||||
Class A Common Stock (a) |
|
|
301 |
|
|
|
297 |
|
Class B Common Stock (b) |
|
|
69 |
|
|
|
69 |
|
Additional paid-in capital |
|
|
2,499,315 |
|
|
|
2,470,120 |
|
Treasury stock, at cost, 1,054 shares as of June 30, 2026 and December 31, 2025, respectively |
|
|
(50,024 |
) |
|
|
(50,024 |
) |
Accumulated deficit |
|
|
(220,308 |
) |
|
|
(186,441 |
) |
Accumulated other comprehensive loss |
|
|
(1,495 |
) |
|
|
(782 |
) |
Total stockholders’ equity |
|
|
2,227,858 |
|
|
|
2,233,239 |
|
Total liabilities and equity |
|
$ |
4,035,968 |
|
|
$ |
4,209,908 |
|
| ____________________ | ||
(a) |
|
Class A Common Stock, |
(b) |
|
Class B Common Stock, |
SPHERE ENTERTAINMENT CO. SELECTED CASH FLOW INFORMATION (In thousands) (Unaudited) |
||||||||
|
|
Six Months Ended |
||||||
|
|
June 30, |
||||||
|
|
|
2026 |
|
|
|
2025 |
|
Net cash provided by (used in) operating activities |
|
$ |
102,583 |
|
|
$ |
(52,711 |
) |
Net cash (used in) provided by investing activities |
|
|
(19,627 |
) |
|
|
16,441 |
|
Net cash used in financing activities |
|
|
(52,128 |
) |
|
|
(111,059 |
) |
Effect of exchange rates on cash, cash equivalents and restricted cash |
|
|
(73 |
) |
|
|
623 |
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
30,755 |
|
|
|
(146,706 |
) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
521,264 |
|
|
|
515,633 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
552,019 |
|
|
$ |
368,927 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260730180224/en/
Ari Danes, CFA
Investor Relations
(212) 465-6072
Grace Kaminer
Investor Relations
(212) 631-5076
Source: Sphere Entertainment Co.