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[8-K] Sphere Entertainment Co. Reports Material Event

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Sphere Entertainment Co. reported a sharply improved first quarter 2026. Revenue reached $386.4 million, up 38% from the prior-year quarter, driven mainly by the Sphere segment, where revenue rose to $266.0 million, a 69% increase. MSG Networks revenue was $120.4 million, slightly below last year.

The Company generated operating income of $7.2 million versus a loss of $78.6 million a year ago, while adjusted operating income rose to $110.0 million from $36.0 million. Net income was $4.5 million, though stockholders recorded a small net loss of $1.6 million, or $(0.04) per share, compared with $(2.27) per share last year. Cash, cash equivalents, and restricted cash increased to $630.2 million, supported by $136.2 million of operating cash flow.

Positive

  • None.

Negative

  • None.

Insights

Sphere posted strong Q1 2026 growth and moved from heavy losses to modest profitability.

Sphere Entertainment grew revenue to $386.4 million, up 38% year over year, with the Sphere segment nearly doubling to $266.0 million. MSG Networks was largely stable at $120.4 million, down 2%. This mix shows the new venue business increasingly driving the group.

Profitability improved markedly: operating income swung from a $(78.6) million loss to a $7.2 million gain, while adjusted operating income tripled to $110.0 million. Net income reached $4.5 million, though common stockholders saw a small $(1.6) million loss after participating securities.

Cash, cash equivalents, and restricted cash rose to $630.2 million, helped by $136.2 million of operating cash flow. Management highlighted continued progress on new Sphere locations and strong demand for Sphere content and sponsorships, suggesting future updates in subsequent quarterly disclosures will clarify the pace of expansion.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total revenue $386.4 million Three months ended March 31, 2026; up 38% year over year
Sphere segment revenue $266.0 million Q1 2026, up 69% vs prior-year quarter
Operating income $7.2 million Q1 2026 vs $(78.6) million loss in Q1 2025
Adjusted operating income $110.0 million Q1 2026, up from $36.0 million in Q1 2025
Net income $4.460 million Three months ended March 31, 2026
Net loss to stockholders $1.593 million Q1 2026 net loss attributable to stockholders; EPS $(0.04)
Cash and equivalents $630.151 million Cash, cash equivalents, and restricted cash as of March 31, 2026
Operating cash flow $136.241 million Net cash provided by operating activities in Q1 2026
adjusted operating income financial
"the Company reported operating income of $7.2 million... and adjusted operating income of $110.0 million"
Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.
restructuring charges financial
"Restructuring charges | 3,414 | | | 1,841"
Restructuring charges are costs that a company pays when it changes how it operates, like closing factories or laying off employees. These expenses are often one-time and happen to help the company become more efficient in the long run. They matter because they can affect the company's profits and how investors see its future prospects.
impairment and other losses, net financial
"Impairment and other losses, net | 79 | | | 521"
participating securities financial
"Less: Net income attributable to participating securities | 6,053"
Participating securities are financial instruments that give holders a standard claim—like dividends or liquidation proceeds—plus the right to share in additional distributions beyond that base claim. Think of it as owning a ticket that pays a fixed amount and also lets you join the regular shareholders’ bonus pool; this can reduce what ordinary shareholders receive and change the expected payout and value of each share, so investors watch these securities for their effect on returns and claim priority.
deferred revenue financial
"Deferred revenue | 193,510 | | | 192,808"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
loss on extinguishment of debt financial
"Loss on extinguishment of debt | (2,071) | | | —"
Loss on extinguishment of debt is the accounting hit a company records when it retires or restructures a loan or bond for an amount that exceeds the debt’s recorded value—like paying more than the remaining balance to settle a loan early. It matters to investors because it reduces reported profit and can use cash, but may also cut future interest costs or signal financial stress; understanding it helps assess earnings quality and balance-sheet strength.
Revenue $386.4 million +38% YoY
Sphere segment revenue $266.0 million +69% YoY
MSG Networks revenue $120.4 million -2% YoY
Operating income $7.2 million +$85.8 million YoY
Adjusted operating income $110.0 million +$74.0 million YoY
Net income $4.460 million +$86.4 million YoY vs $(82.0) million loss
Understanding 8-K Material Events →
FALSE000179525000017952502026-05-052026-05-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 5, 2026

SPHERE ENTERTAINMENT CO.
(Exact Name of Registrant as Specified in Charter)
Delaware
001-39245
84-3755666
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

Two Pennsylvania Plaza,
New York,
New York
10121
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (725) 258-0001
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)).
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading
Symbol(s)
Name of Each Exchange
on Which Registered
Class A Common Stock
SPHR
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02    Results of Operations and Financial Condition.
On May 5, 2026, Sphere Entertainment Co. (the “Company”) announced its financial results for its first quarter ended March 31, 2026. A copy of the press release containing the announcement is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.


1

Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits
99.1    Press Release dated May 5, 2026.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
SPHERE ENTERTAINMENT CO.
(Registrant)
 
By: /s/ Robert H. Langer
Name: Robert H. Langer
Title: Executive Vice President, Chief Financial Officer and Treasurer


Dated: May 5, 2026

3
Exhibit 99.1

sphere-logoxrgbxblack1a.jpg

SPHERE ENTERTAINMENT CO. REPORTS
FIRST QUARTER 2026 RESULTS


NEW YORK, N.Y., May 5, 2026 - Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the first quarter ended March 31, 2026.
Recent highlights for the Company’s Sphere segment include:
•Plans to bring Sphere to Abu Dhabi and National Harbor continue to move forward, while the Company also remains in discussions with a significant number of markets globally regarding additional large and smaller-scale Sphere venues;
•The Wizard of Oz at Sphere, the Sphere Experience that opened in Las Vegas on August 28, 2025, surpassed its 500th showing in March;
•Metallica announced a new concert residency at Sphere, with 24 concerts planned beginning in October 2026, while Backstreet Boys announced they will return this summer, extending their residency run to 56 nights total;
•The Company continues to draw robust interest from Exosphere advertisers and sponsors, including the announcement in April of a new multi-year sponsorship agreement with Evian.
For the three months ended March 31, 2026, the Company reported revenues of $386.4 million, an increase of $105.8 million, or 38%, as compared to the prior year quarter. In addition, the Company reported operating income of $7.2 million, an increase of $85.8 million, and adjusted operating income of $110.0 million, an increase of $74.0 million, both as compared to the prior year quarter.(1)
Executive Chairman and CEO James L. Dolan said, “Today’s results demonstrate our continued success proving out Sphere’s business model. Looking ahead, we remain focused on maximizing that model’s full potential in Las Vegas, while executing on our long-term vision for a global network of Sphere venues.”    
Segment Results for the Three Months Ended March 31, 2026 and 2025:
(In millions)Three Months Ended
March 31,Change
20262025$%
Revenues:
Sphere$266.0 $157.5 $108.4 69 %
MSG Networks120.4 123.0 (2.6)(2)%
Total Revenues$386.4 $280.6 $105.8 38 %
Operating Income (Loss):
Sphere
$(24.9)$(93.8)$68.9 73 %
MSG Networks
32.1 15.2 16.9 112 %
Total Operating Income (Loss)
$7.2 $(78.6)$85.8 NM
Adjusted Operating Income:(1)
Sphere$74.3 $13.1 $61.1 NM
MSG Networks
35.7 22.8 12.9 56 %
Total Adjusted Operating Income
$110.0 $36.0 $74.0 NM

Note: Does not foot due to rounding. NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.
(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.









1

Sphere
For the first quarter 2026, the Sphere segment reported revenues of $266.0 million, an increase of $108.4 million, or 69%, as compared to the prior year quarter.
Revenues related to The Sphere Experience increased $81.7 million as compared to the prior year quarter, which primarily reflected higher per-show revenue for The Wizard of Oz at Sphere. In the current year quarter, The Sphere Experience reflected 209 performances of The Wizard of Oz at Sphere as compared to 200 performances of Postcard from Earth and V-U2 An Immersive Concert Film in the prior year quarter.
Event-related revenues increased $24.4 million as compared to the prior year quarter, primarily due to (i) higher revenues from brand events, due to one additional brand event held in the current year quarter and higher per-event revenue, and (ii) higher revenues from concerts, primarily due to six additional concert residency shows held at Sphere in Las Vegas during the current year period.
Revenues from sponsorship, Exosphere advertising and suite license fees increased $1.6 million as compared to the prior year quarter, primarily reflecting an increase in sponsorship revenues and higher suite license fee revenues.
Other revenues increased $0.7 million as compared to the prior year quarter.
For the first quarter 2026, the Sphere segment had direct operating expenses of $99.2 million, an increase of $28.7 million, or 41%, as compared to the prior year quarter. Expenses associated with The Sphere Experience increased $18.1 million as compared to the prior year quarter, primarily due to higher per-show expenses for The Wizard of Oz at Sphere. Event-related expenses increased $10.8 million as compared to the prior year quarter, primarily due to (i) higher expenses from brand events, due to higher per-event expenses and an increase in the number of brand events held in the current year quarter, and (ii) higher expenses from concerts, due to an increase in the number of concert residency shows held at Sphere in Las Vegas, partially offset by lower per-concert expenses.
For the first quarter 2026, selling, general and administrative expenses of $106.6 million increased $10.2 million, or 11%, as compared to the prior year quarter, primarily due to the impact of mark-to-market adjustments on certain share-based compensation awards as a result of the appreciation in the Company’s stock price during the current year quarter.
For the first quarter 2026, operating loss of $24.9 million improved by $68.9 million, or 73%, and adjusted operating income of $74.3 million increased $61.1 million, both as compared to the prior year quarter, primarily due to the increase in revenues, partially offset by higher direct operating expenses and higher selling, general and administrative expenses.
MSG Networks
For the first quarter 2026, the MSG Networks segment reported total revenues of $120.4 million, a decrease of $2.6 million, or 2%, as compared to the prior year quarter.
Advertising revenue decreased $4.9 million as compared to the prior year quarter, primarily due to a lower number of live regular season professional sports telecasts. This decrease was partially offset by an increase in distribution revenue of $1.8 million, primarily reflecting the absence of revenues from Altice during MSG Networks’ non-carriage period from January 1, 2025 through February 21, 2025 in the prior year quarter, partially offset by a decrease in total subscribers of approximately 16.0% (excluding the impact of the Altice non-carriage period in the prior year quarter).
For the first quarter 2026, direct operating expenses of $70.4 million decreased $17.4 million, or 20%, as compared to the prior year quarter. Rights fees expense decreased $16.5 million as compared to the prior year quarter, primarily reflecting reductions in media rights fees as a result of the amendments to MSG Networks’ media rights agreements with certain professional sports teams.
For the first quarter 2026, selling, general and administrative expenses of $15.1 million decreased $2.8 million, or 15%, as compared to the prior year quarter. This decrease was primarily due to (i) lower professional fees of $3.6 million, mainly due to the absence of costs associated with pursuing a work-out of MSG Networks’ credit facilities recorded in the prior year quarter, and (ii) lower employee compensation and related benefits of $2.3 million, partially offset by (iii) higher advertising and marketing costs of $3.0 million.
For the first quarter 2026, operating income of $32.1 million increased $16.9 million as compared to the prior year quarter, primarily due to lower direct operating expenses and, to a lesser extent, lower selling, general and administrative expenses (including merger, debt work-out and acquisition related costs), partially offset by the decrease in revenues. Adjusted operating income of $35.7 million increased $12.9 million, or 56%, as compared to the prior year quarter, primarily due to lower direct operating expenses, partially offset by the decrease in revenues and higher selling, general and administrative expenses (excluding merger, debt work-out and acquisition related costs).


2

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.


# # #
Contacts:
Ari Danes, CFA
Investor Relations
(212) 465-6072
Grace Kaminer
Investor Relations
(212) 631-5076

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 May 12, 2026
3

SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
20262025
Revenues$386,412 $280,574 
Operating expenses:
Direct operating expenses169,647 158,323 
Selling, general, and administrative expenses121,703 114,269 
Depreciation and amortization84,367 84,229 
Impairment and other losses, net79 521 
Restructuring charges3,414 1,841 
Operating income (loss)
7,202 (78,609)
Other income (expense):
Loss on extinguishment of debt
(2,071)— 
Interest income3,951 3,878 
Interest expense(8,039)(26,206)
Other expense, net(1,424)(1,340)
Loss from continuing operations before income taxes(381)(102,277)
Income tax benefit4,841 20,323 
Net income (loss)
$4,460 $(81,954)
Less: Net income attributable to participating securities
6,053 — 
Net loss attributable to Sphere Entertainment Co.’s stockholders$(1,593)$(81,954)
Basic loss per common share attributable to Sphere Entertainment Co.’s stockholders
$(0.04)$(2.27)
Diluted loss per common share attributable to Sphere Entertainment Co.’s stockholders$(0.04)$(2.27)
Weighted-average number of common shares outstanding:
Basic35,878 36,110 
Diluted35,878 36,110 

4

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 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
March 31,
20262025
Operating income (loss)
$7,202 $(78,609)
Share-based compensation13,910 21,595 
Depreciation and amortization84,367 84,229 
Restructuring charges3,414 1,841 
Impairment and other losses, net79 521 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries87 4,791 
Amortization for capitalized cloud computing arrangement costs 917 1,579 
Remeasurement of deferred compensation plan liabilities— 21 
Adjusted operating income$109,976 $35,968 


5

SPHERE ENTERTAINMENT CO.
SEGMENT RESULTS
(In thousands)
(Unaudited)
BUSINESS SEGMENT RESULTS
Three Months Ended March 31, 2026
SphereMSG NetworksTotal
Revenues$265,965 $120,447 $386,412 
Operating expenses:
Direct operating expenses99,226 70,421 169,647 
Selling, general and administrative expenses106,596 15,107 121,703 
Depreciation and amortization82,274 2,093 84,367 
Impairment and other losses, net79 — 79 
Restructuring charges2,673 741 3,414 
Operating (loss) income$(24,883)$32,085 $7,202 
Reconciliation to adjusted operating income:
Share-based compensation13,143 767 13,910 
Depreciation and amortization82,274 2,093 84,367 
Restructuring charges2,673 741 3,414 
Impairment and other losses, net79 — 79 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries87 — 87 
Amortization for capitalized cloud computing arrangement costs 917 — 917 
Adjusted operating income$74,290 $35,686 $109,976 
Three Months Ended March 31, 2025
SphereMSG NetworksTotal
Revenues$157,545 $123,029 $280,574 
Operating expenses:
Direct operating expenses70,536 87,787 158,323 
Selling, general and administrative expenses96,404 17,865 114,269 
Depreciation and amortization82,005 2,224 84,229 
Impairment and other losses, net521 — 521 
Restructuring charges1,841 — 1,841 
Operating (loss) income$(93,762)$15,153 $(78,609)
Reconciliation to adjusted operating income:
Share-based compensation19,954 1,641 21,595 
Depreciation and amortization82,005 2,224 84,229 
Restructuring charges1,841 — 1,841 
Impairment and other losses, net521 — 521 
Merger, debt work-out, and acquisition related costs, net of insurance recoveries988 3,803 4,791 
Amortization for capitalized cloud computing arrangement costs 1,579 — 1,579 
Remeasurement of deferred compensation plan liabilities21 — 21 
Adjusted operating income$13,147 $22,821 $35,968 




6

SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)

As of
March 31,December 31,
20262025
ASSETS
Current Assets:
Cash, cash equivalents, and restricted cash$630,151 $521,264 
Accounts receivable, net181,549 171,630 
Related party receivables, current20,215 24,457 
Prepaid expenses and other current assets71,655 92,824 
Total current assets903,570 810,175 
Non-Current Assets:
Investments37,650 38,725 
Property and equipment, net2,629,439 2,710,643 
Right-of-use lease assets88,851 91,372 
Goodwill344,772 344,772 
Intangible assets, net20,161 21,817 
Other non-current assets198,243 192,404 
Total assets$4,222,686 $4,209,908 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$36,484 $24,593 
Accrued expenses and other current liabilities427,060 431,477 
Related party payables, current11,404 14,301 
Current portion of long-term debt, net57,690 63,009 
Operating lease liabilities, current16,515 17,186 
Deferred revenue193,510 192,808 
Total current liabilities742,663 743,374 
Non-Current Liabilities:
Long-term debt, net752,700 767,439 
Operating lease liabilities, non-current111,463 113,824 
Deferred tax liabilities, net166,661 172,111 
Other non-current liabilities201,272 179,921 
Total liabilities1,974,759 1,976,669 
Commitments and contingencies
Equity:
Class A Common Stock (a)
299 297 
Class B Common Stock (b)
69 69 
Additional paid-in capital2,480,705 2,470,120 
Treasury stock, at cost, 1,054 shares as of March 31, 2026 and December 31, 2025, respectively
(50,024)(50,024)
Accumulated deficit(181,981)(186,441)
Accumulated other comprehensive loss(1,141)(782)
Total stockholders’ equity2,247,927 2,233,239 
Total liabilities and equity$4,222,686 $4,209,908 
_________________
(a)    Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 29,921 and 28,629 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.
(b)    Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued and outstanding as of March 31, 2026 and December 31, 2025.


7

SPHERE ENTERTAINMENT CO.
SELECTED CASH FLOW INFORMATION
(In thousands)
(Unaudited)
Three Months Ended
March 31,
20262025
Net cash provided by operating activities $136,241 $6,348 
Net cash used in investing activities(5,005)(17,570)
Net cash used in financing activities(22,263)(26,307)
Effect of exchange rates on cash, cash equivalents, and restricted cash(86)98 
Net increase (decrease) in cash, cash equivalents, and restricted cash
108,887 (37,431)
Cash, cash equivalents, and restricted cash at beginning of period521,264 515,633 
Cash, cash equivalents, and restricted cash at end of period$630,151 $478,202 

8

Source: View Original Filing on SEC EDGAR

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