SPHR on NYSE

Sphere Entertainment Co.

Sphere Entertainment Co. is a Nevada corporation with its principal executive office at Two Pennsylvania Plaza, New York, NY, 10121.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

$1.2BRevenue, fiscal 20252
$33.4MNet income, fiscal 20252

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  • TickerSPHR on NYSE1
  • IndustryServices-Amusement & Recreation Services1
  • HeadquartersNew York, New York1
  • Incorporated inNV3
  • Business addressTwo Pennsylvania Plaza, New York, Ny 101213
  • Filer categoryLarge accelerated filer3

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Sphere Entertainment Co. is a Nevada corporation with its principal executive office at Two Pennsylvania Plaza, New York, NY, 10121. Unless the context otherwise requires, all references to “we,” “us,” “our,” “Sphere Entertainment” or the “Company” refer collectively to Sphere Entertainment Co., a holding company, and its direct and indirect subsidiaries. We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K (this “Form 10-K”) through Sphere Entertainment Group, LLC (“Sphere Entertainment Group”) and MSG Networks Inc. (together with its subsidiaries, “MSG Networks”), and each of their direct and indirect subsidiaries.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-18.8%Operating margin2
2.7%Net margin2
19.0%Revenue growth, 20252
1.5%Return on equity2
0.34×Debt to equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Ticketing And Venue License Fee Revenues brought in 46% of the revenue Sphere Entertainment Co. broke down this way in fiscal 2025.

  1. Ticketing And Venue License Fee Revenues$560.8M246%up 67% from 2024
  2. Media Networks Revenue$438.6M236%down 17% from 2024
  3. Food, Beverage And Merchandise Revenues$100.4M28%up 51% from 2024
  4. Sponsorship, Signage, Exosphere Advertising And Suite Licenses$96.2M28%up 10% from 2024
  5. Product and Service, Other$22.2M22%up 351% from 2024
Products and services by year
Products and services202320242025
Ticketing And Venue License Fee Revenues$335.3M$560.8M
Media Networks Revenue$571.2M$529.7M$438.6M
Food, Beverage And Merchandise Revenues$66.7M$100.4M
Sponsorship, Signage, Exosphere Advertising And Suite Licenses$87.2M$96.2M
Product and Service, Other$4.9M$22.2M

Business segments

Sphere Entertainment brought in 64% of the revenue Sphere Entertainment Co. broke down this way in fiscal 2025.

  1. Sphere Entertainment$779.6M264%up 58% from 2024
  2. MSG Networks$438.6M236%down 17% from 2024
Business segments by year
Business segments202320242025
Sphere Entertainment$0$494.1M$779.6M
MSG Networks$571.2M$529.7M$438.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs95¢$1.2B
  • Income tax2¢$23.8M
  • Profit3¢$33.4M

Out of $1.2B in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks21¢$50.0M
  • Kept or used elsewhere79¢$193.3M

Out of $243.3M of cash from operations.2

Financial statements

Revenue56782$1.2B in 2025+23% since 2018
0$500.0M$1.0B$1.5B2018: $989.0M$989.0M20182019: $1.0B$1.0B2019+6%2020: $1.4B$1.4B2020+37%2021: $789.9M$789.9M2021−45%2022: $608.2M$608.2M2022−23%2023: $571.2M$571.2M2023−6%2024: $1.0B$1.0B2024+79%2025: $1.2B$1.2B2025+19%
Operating income5672-$229.6M in 2025+634% since 2018
-$400.0M-$200.0M0$200.0M$400.0M2018: -$31.3M-$31.3M20182019: -$45.6M-$45.6M2019+46%2020: $235.2M$235.2M20202021: -$188.2M-$188.2M20212022: -$102.7M-$102.7M2022−45%2023: -$273.0M-$273.0M2023+166%2024: -$341.2M-$341.2M2024+25%2025: -$229.6M-$229.6M2025−33%
Net income567982$33.4M in 2025+384% since 2018
-$400.0M-$200.0M0$200.0M$400.0M$600.0M2018: $6.9M$6.9M20182019: -$8.2M-$8.2M20192020: $181.7M$181.7M20202021: -$148.2M-$148.2M20212022: -$194.4M-$194.4M2022+31%2023: $502.8M$502.8M20232024: -$200.6M-$200.6M20242025: $33.4M$33.4M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-06-302023-06-30
Revenues$1.2B$1.0B$573.8M
Depreciation and amortization-$336.4M-$256.5M-$103.4M
Impairment and other (losses) gains, net-$69.8M-$121.5M$224.8M
Restructuring charges-$11.5M-$9.5M
Operating (loss) income-$229.6M-$341.2M-$273.0M
Other (expense) income, net-$2.3M$35.2M$536.9M
Income (loss) from continuing operations before income taxes$57.2M-$360.2M$275.4M
Income tax (expense) benefit-$23.8M$135.6M-$103.4M
Income (loss) from continuing operations$33.4M-$224.6M$172.0M
Income from discontinued operations, net of taxes$0$24.0M$333.7M
Net income (loss)$33.4M-$200.6M$505.7M
Less: Net income attributable to redeemable noncontrolling interests from discontinued operations$3.9M
Net income (loss) attributable to Sphere Entertainment Co.s stockholders$33.4M-$200.6M$502.8M
Continuing operations (in dollars per share)$1-$6$5
Discontinued operations (in dollars per share)$0$1$10
Basic earnings (loss) per common share attributable to Sphere Entertainment Co.s stockholders (in dollars per share)$0.93-$5.68$14.51
Continuing operations (in dollars per share)$1-$6$5
Discontinued operations (in dollars per share)$0$1$9
Diluted earnings (loss) per common share attributable to Sphere Entertainment Co.s stockholders (in dollars per share)$0.74-$5.68$14.40
Basic (in shares)36.1M shares35.3M shares34.7M shares
Diluted (in shares)45.3M shares35.3M shares34.9M shares

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Leadership

Who has led Sphere Entertainment Co., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Kristin A. Dolan2020–2021
  2. Andrea Greenberg2021–2025

Chair

  1. Kristin A. Dolan2020–now

President

  1. Andrew Lustgarten2020–2021
  2. Andrea Greenberg2021–2025
  3. Jennifer Koester2024–now

Chief financial officer

  1. Philip Gerard D'Ambrosio2020
  2. Mark H. Fitzpatrick2020–2021
  3. David F. Byrnes2022–2024
  4. Gautam Ranji2023
  5. Robert H. Langer2025–now

Chief operating officer

  1. Jennifer Koester2024–now
2025
Board members and other officers (25)

Former names

  • Madison Square Garden Entertainment Corp.Dec 23, 2019 to Apr 17, 20233
  • MSG ENTERTAINMENT SPINCO, INC.Dec 3, 2019 to Apr 16, 20203

Timeline

  1. Jul 13, 2021New chief executive Andrea Greenberg becomes CEO14
  2. May 26, 2020New chief executive Kristin A. Dolan becomes CEO15

Filings

412 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 78 major events, 227 insider forms, 52 large holders, 33 other. The latest 20:

  1. Sep 17, 20264 EDGAR
  2. Sep 17, 20264 EDGAR
  3. Sep 17, 20264 EDGAR
  4. Sep 17, 20264 EDGAR
  5. Aug 14, 2026SCHEDULE 13G/A EDGAR
  6. Aug 14, 2026SCHEDULE 13D/A EDGAR
  7. Aug 12, 2026SCHEDULE 13G/A EDGAR
  8. Jul 30, 202610-Q EDGAR
  9. Jul 30, 20268-K EDGAR
  10. Jun 12, 20264 EDGAR
  11. Jun 12, 20268-K EDGAR
  12. Jun 12, 20264 EDGAR
  13. Jun 12, 20264 EDGAR
  14. Jun 12, 20264 EDGAR
  15. Jun 12, 20264 EDGAR
  16. Jun 12, 20264 EDGAR
  17. Jun 12, 20264 EDGAR
  18. Jun 12, 20264 EDGAR
  19. Jun 12, 20264 EDGAR
  20. Jun 12, 20264 EDGAR

The 412 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

9 open-market trades by officers, directors and large owners since October 2021: 4 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 10, 2025Charles F. Dolan 2009 Revocable TrustSale55,385$33.80$1.9MForm 4
Mar 8, 2024GREENBERG ANDREAPresident/CEO-MSG NetworksSale12,131$51.00$618.7KForm 4
Mar 4, 2024Dolan Kristin ADirectorBuy110,156$46.88$5.2MForm 4
Feb 28, 2024DOLAN JAMES LAWRENCEExecutive Chairman and CEOBuy76,139$40.73$3.1MForm 4
Feb 26, 2024Dolan Kristin ADirectorBuy59,374$41.12$2.4MForm 4
Feb 13, 2024Byrnes David F.EVP, CFO & TreasurerSale4,704$41.84$196.8KForm 4
Mar 9, 2023Thomas Isiah IIIDirectorSale931$58.48$54.4KForm 4
Sep 22, 2022D'Ambrosio Philip GerardSVP and TreasurerBuy600$49.22$29.5KForm 4
Aug 2, 2022Dolan Leinauer Corby10% ownerSale16$59.53$952Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,080,043$706.0M0.0%+172,102
Jericho Capital Asset Management L.P.2,605,615$450.8M3.7%No change
Morgan Stanley2,474,769$428.2M0.0%+427,781
Ariel Investments, LLC1,665,326$288.2M2.9%−796,983
Vanguard Portfolio Management LLC1,515,158$262.2M0.0%−26,609
Sands Capital Management, LLC1,358,321$235.0M0.9%New
Vanguard Capital Management LLC1,184,648$205.0M0.0%−16,112
State Street Corp1,081,969$187.2M0.0%+58,315
Fmr LLC968,991$167.7M0.0%+622,428
Ameriprise Financial Inc904,008$156.4M0.0%+482,680
Dimensional Fund Advisors LP891,801$154.3M0.0%−5,785
Assenagon Asset Management S.A.813,750$140.8M0.1%New
Geode Capital Management, LLC784,997$135.9M0.0%+54,684
Gamco Investors, Inc. Et Al765,913$132.5M1.2%−28,842
Gilder Gagnon Howe & Co LLC557,742$96.5M1.0%−3,715
Steadfast Capital Management LP550,661$95.3M2.9%−161,000
Castle Hook Partners LP522,039$90.3M1.0%New
Gabelli Funds LLC507,030$87.7M0.6%−15,306
Healthcare Of Ontario Pension Plan Trust Fund479,164$82.9M0.1%−44,770
Deutsche Bank Ag\426,141$73.7M0.0%+77,554
Bank Of America Corp /de/377,912$65.4M0.0%+30,719
UBS Group AG372,230$64.4M0.0%−146,741
Jennison Associates LLC361,440$62.5M0.0%New
Contour Asset Management LLC354,482$61.3M1.5%New
Northern Trust Corp336,009$58.1M0.0%+18,392

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 15, 2026Jonathan L. JacksonDemocratic, HouseBuy$1,001 - $15,000−31.3%Report
Apr 8, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000+265.6%Report
Apr 4, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$15,001 - $50,000+257.1%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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