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Sphere Entertainment Co. (SPHR) stock

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NYSE: SPHR NYSE Movies & Entertainment Next results ~November 5, 2026

C Fundamentals grade

Sphere Entertainment Co. is a US-listed company in the movies & entertainment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Sphere Entertainment Co. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Sphere Entertainment Co. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Sphere Entertainment files

Where Sphere Entertainment Co. stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.36bn, up 23.4% on a year earlier, faster than the 21.6% growth a quarter earlier. Free-cash-flow margin rose to 4.5% from -31.4% a year earlier. Operating margin widened to -11.4% from -35.4%. The diluted share count is up 6.9% on a year earlier, which dilutes existing holders. It passes 4 of our 6 financial-health checks.

Our model value for Sphere Entertainment is under review, so past values are not shown until it is resolved.

Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Sphere Entertainment Co.'s trailing-twelve-month revenue grew 23.4% year on year, with a free-cash-flow margin of 4.5%. Where it stands out: revenue growth of 23.4% ranks 4 of 25 movies & entertainment companies we cover. Where it lags: stock pay as % of revenue of 3.7% ranks 21 of 25 movies & entertainment companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 56% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 23.4% over the last 12 months, against a median of 8.5% for movies & entertainment companies we cover.
  • Margins widening. Operating margin is up 24.0 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -11.4%: costs exceed revenue.
  • Share dilution. Diluted shares rose 6.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 1.3 against the S&P 500.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 3.7% ranks 21 of 25 movies & entertainment companies we cover (median 1.5%).
  • Heavily shorted. 34.5% of the shares available to trade are sold short (12.9 days of average volume to cover).

Latest results: FY2026 Q2

Filed July 30, 2026
Earnings per share
-$0.62 against an average estimate of -$1.40: beat by 55.6%
Revenue
$314m, up 11.0% on a year earlier
Share reaction
+2.2% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$1.71

Sphere Entertainment's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.8%
  • 1 week-4.9%
  • 1 month-18.1%
  • This year+10.4%
  • 1 year+53.3%
  • 5 years+209.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.4B
Operating margin
-11.4%
Net margin
-5.2%
EPS (TTM, diluted)
$-1.85

Growth

Revenue growth
+23.4%
Change in growth rate
+1.8 pts
Share count change
+6.9%

Cash

Free cash flow (TTM)
$61.7M
FCF margin
4.5%
Stock pay % of revenue
3.7%

Earnings

Last results
July 30, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Partnership
  4. Partnership
  5. Announcement
  6. Announcement
  7. Results
  8. Announcement
  9. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Sphere Entertainment Co. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Sphere Entertainment Co. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$7.5 ~$4.0–$13 Left out: out of range vs price (0.07x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sphere Entertainment Co. with Movies & Entertainment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025
Share price$34.64$38.79$24.30$27.39$35.06$95.08
Market value$1.2bn$1.3bn$833m$957m$1.2bn$4.3bn
+ Net debt (− = net cash)$0$0$0$0$0$323m
Enterprise value$1.2bn$1.3bn$833m$957m$1.2bn$4.6bn
Multiples
Price / sales 0.8x2.1x1.4x1.7x1.2x3.5x
Price / earnings 6.7x——1.9x—128.9x
Price / free cash flow ———6.2x—17.7x
EV / EBITDA 3.5x————43.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

16 /100

Weak moat

How hard Sphere Entertainment's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -2.3% of total assets over 8 years.

  • Durability 10 / 20

    Operating margin has been a median -19.2%; its worst year was -47.6%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 7 years, at a median -26.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (22 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $270m and EPS of −$1.71 (range −$1.95 to −$1.48) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$2.53 −193% $1.3bn +10%
Next −$3.08 −22% $1.3bn −0%

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$1.40 −$0.62 +55.6%
Mar 2026 −$0.44 $0.14 +131.8%
Dec 2025 −$0.19 $1.55 +901.2%
Sept 2025 −$1.88 −$1.12 +40.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

13 analysts, Oct 2026
Buy1185%
Hold215%
Sell00%

Monthly trend

  1. Oct 202647213
  2. Sep 202648113
  3. Aug 202648113
  4. Jul 202638112

Counts of recommendations published by analysts covering Sphere Entertainment Co., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
34.5%
of tradable shares
Days to cover
12.95
at average volume
Short interest, 1 month
+11%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
6.7%
of shares
Employees
1,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +53.3%

$68.48 on October 31, 2025 to $104.99

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.4bn +23.4%
P/S multiple 2.4x 3.0x +25.8%
Share count 38m 38m −1.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +187.7%

$36.49 on November 3, 2023 to $104.99

ThenNowEffect
Revenue (last 12 months) $574m $1.4bn +136.5%
P/S multiple 2.2x 3.0x +34.7%
Share count 35m 38m −9.7%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SPHR−33%−36%+64%+19%+136%+10%
Industry peers (median)−3%−43%+4%+24%+5%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SPHR33%42%58%42%75%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SPHR−48%−52%−34%−36%−50%−42%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since April 9, 2020: 66% from March 8, 2021 to December 12, 2022. Getting back needed a 192% gain, reached on September 8, 2025, 1001 days after the low.

Price behaviour

52-week range
$66.34 – $176.38
From 52-week high
−40.5%
vs 50-day average
−17.9%
vs 200-day average
−19.6%
Volatility (1 year)
54%
Beta vs S&P 500
1.29

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±8.7%
After a week
8 up, 4 down
typical move ±13.9%
After a month
8 up, 4 down
typical move ±16.7%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 +2.2% +2.4% +10.0% +1.1%
May 5, 2026 +5.5% +2.2% −0.4% +4.2%
February 12, 2026 +22.0% −1.5% +20.5% +17.0%
November 4, 2025 +10.7% −0.8% +17.8% +24.8%
August 11, 2025 −3.8% +0.9% +4.0% +35.6%
May 8, 2025 +9.2% +0.6% +26.1% +28.7%
March 3, 2025 −13.9% −2.9% −24.8% −24.4%
November 12, 2024 −5.2% −0.3% −5.8% −12.8%
August 14, 2024 +13.4% +2.0% +19.0% +3.6%
May 10, 2024 −6.5% +0.1% −12.7% −10.3%
February 5, 2024 +9.7% −0.1% +17.5% +35.9%
November 8, 2023 +2.6% −0.7% +7.9% −2.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Sphere Entertainment Co. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Sphere Entertainment Co.
$400M $600M $800M $1B $1.2B $1.4B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $568.7M Revenue (TTM), FY23 Q4: $723.3M Revenue (TTM), FY24 Q1: $882.6M Revenue (TTM), FY24 Q2: $1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1.1B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.4B $1.4B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $568.7M
FY23 Q4 $723.3M
FY24 Q1 $882.6M
FY24 Q2 $1B
FY24 Q3 $1.1B
FY24 Q4 $1.1B
FY25 Q1 $1.1B
FY25 Q2 $1.1B
FY25 Q3 $1.1B
FY25 Q4 $1.2B
FY26 Q1 $1.3B
FY26 Q2 $1.4B
Revenue growth, TTM YoY Sphere Entertainment Co.
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -38.1% Revenue growth, TTM YoY, FY23 Q4: 22.5% Revenue growth, TTM YoY, FY24 Q1: 51.0% Revenue growth, TTM YoY, FY24 Q2: 79.0% Revenue growth, TTM YoY, FY24 Q3: 99.9% Revenue growth, TTM YoY, FY24 Q4: 56.4% Revenue growth, TTM YoY, FY25 Q1: 23.5% Revenue growth, TTM YoY, FY25 Q2: 7.1% Revenue growth, TTM YoY, FY25 Q3: -0.2% Revenue growth, TTM YoY, FY25 Q4: 7.9% Revenue growth, TTM YoY, FY26 Q1: 21.6% Revenue growth, TTM YoY, FY26 Q2: 23.4% 23.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -38.1%
FY23 Q4 22.5%
FY24 Q1 51.0%
FY24 Q2 79.0%
FY24 Q3 99.9%
FY24 Q4 56.4%
FY25 Q1 23.5%
FY25 Q2 7.1%
FY25 Q3 -0.2%
FY25 Q4 7.9%
FY26 Q1 21.6%
FY26 Q2 23.4%
Operating margin (TTM) Sphere Entertainment Co.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -51.3% Operating margin (TTM), FY23 Q4: -55.5% Operating margin (TTM), FY24 Q1: -38.5% Operating margin (TTM), FY24 Q2: -33.2% Operating margin (TTM), FY24 Q3: -34.2% Operating margin (TTM), FY24 Q4: -32.9% Operating margin (TTM), FY25 Q1: -37.7% Operating margin (TTM), FY25 Q2: -35.4% Operating margin (TTM), FY25 Q3: -35.4% Operating margin (TTM), FY25 Q4: -18.8% Operating margin (TTM), FY26 Q1: -10.8% Operating margin (TTM), FY26 Q2: -11.4% -11.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -51.3%
FY23 Q4 -55.5%
FY24 Q1 -38.5%
FY24 Q2 -33.2%
FY24 Q3 -34.2%
FY24 Q4 -32.9%
FY25 Q1 -37.7%
FY25 Q2 -35.4%
FY25 Q3 -35.4%
FY25 Q4 -18.8%
FY26 Q1 -10.8%
FY26 Q2 -11.4%
FCF margin (TTM) Sphere Entertainment Co.
-40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.6% FCF margin (TTM), FY23 Q4: -11.1% FCF margin (TTM), FY24 Q1: -13.6% FCF margin (TTM), FY24 Q2: -26.9% FCF margin (TTM), FY24 Q3: -18.9% FCF margin (TTM), FY24 Q4: -22.8% FCF margin (TTM), FY25 Q1: -32.8% FCF margin (TTM), FY25 Q2: -31.4% FCF margin (TTM), FY25 Q3: -23.4% FCF margin (TTM), FY25 Q4: -7.6% FCF margin (TTM), FY26 Q1: 2.8% FCF margin (TTM), FY26 Q2: 4.5% 4.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.6%
FY23 Q4 -11.1%
FY24 Q1 -13.6%
FY24 Q2 -26.9%
FY24 Q3 -18.9%
FY24 Q4 -22.8%
FY25 Q1 -32.8%
FY25 Q2 -31.4%
FY25 Q3 -23.4%
FY25 Q4 -7.6%
FY26 Q1 2.8%
FY26 Q2 4.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-KT, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Jun 2018 2019 Jun 2019 2020 Jun 2020 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 989 1,049 1,436 648 610 574 1,027 1,220 1,357
EBITDA 81 64 347 −66 −41 −170 −85 107 182
Operating income −31 −46 235 −188 −166 −273 −341 −230 −155
Net income 7 −8 182 −148 −194 503 −201 33 −70
Diluted EPS $0.29 −$0.35 $5.20 −$4.59 −$5.77 $14.40 −$5.68 $0.74 —
Growth (year on year)
Revenue — +6.1% +36.9% −54.9% −5.8% −5.9% +79.0% +18.8% +23.4%
EBITDA — −21.1% +444.8% −119.1% — — — — —
Operating income — — — −180.0% — — — — —
Net income — — — −181.5% — — −139.9% — —
Diluted EPS — — — −188.3% — — −139.4% — —
Margins
EBITDA margin 8.2% 6.1% 24.2% −10.2% −6.7% −29.6% −8.3% 8.8% 13.4%
Operating margin −3.2% −4.3% 16.4% −29.1% −27.2% −47.6% −33.2% −18.8% −11.4%
Net margin 0.7% −0.8% 12.7% −22.9% −31.9% 87.6% −19.5% 2.7% −5.2%
Free-cash-flow margin −4.3% −7.9% −10.2% −79.5% −100.9% 26.8% −1.9% 19.9% 29.4%
Cash flow
Cash from operations 144 101 308 −59 141 154 −20 243 399
Capital spending 187 184 455 456 757 0 0 0 0
Free cash flow −43 −83 −147 −515 −615 154 −20 243 399
Stock-based pay 27 35 61 71 77 63 48 59 50
Free cash flow after stock pay −70 −118 −209 −585 −693 91 −68 184 348
Balance sheet
Cash — — — — — — — 508 551
Total debt 0 55 34 1,705 1,603 1,207 1,384 830 780
Net debt (negative = net cash) — — — — — — — 323 229
Diluted shares 24m — 35m 34m 34m 35m 35m 45m —
Returned to shareholders
Buybacks — — 294 0 0 0 0 50 —
Total returned — — 294 0 0 0 0 50 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $4.0bn
Short-term assets $784mLonger-term assets $3.3bn
What it owes, and who funded it · $4.0bn
Short-term liabilities $640mLonger-term liabilities $1.2bnShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $784m of assets due within a year against $640m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $784m short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $551m of cash against $780m of debt.
  • Debt below 40% of shareholders' equity Debt is 35% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 76% to 35% over five years.
  • A year's operating cash flow covers at least 20% of debt $399m of operating cash flow against $780m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Sphere Entertainment Co.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$50M
Diluted share count
+6.9%
year over year
Sales & admin spending
40.8%
of revenue

Competitors: side by side with peers

Closest by revenue in movies & entertainment
Last 12 months unless stated SPHR MSGS MSGE MANU HUYA MCS Median
Revenue, last 12 months $1.4bn $1.2bn $1.1bn $910m $905m $817m $1.1bn
Revenue growth, last 12 months 23.4% 11.0% 12.5% 5.4% 7.1% 8.5% 8.5%
Revenue growth, 3-year average 33.2% 9.1% 7.6% — — 3.8% 7.1%
Revenue growth, latest quarter 11.0% 36.7% 27.4% — — 13.1% 11.3%
Operating margin −11.4% 2.5% 13.3% 3.3% −2.5% 4.9% 2.5%
Operating margin, 3-year average −26.7% 6.0% 12.7% −1.4% −2.4% 3.1% −0.6%
Net margin −5.2% 0.7% 6.2% −6.3% −1.7% 3.1% 0.5%
Cash from operations / revenue 29.4% 5.4% 33.1% 26.4% −2.7% 15.4% 9.9%
Free-cash-flow margin 4.5% 5.3% 27.8% 13.7% −5.3% 9.4% 5.3%
Free-cash-flow margin, 3-year average −17.9% 7.5% 13.3% 14.2% 2.2% 4.1% 6.1%
Stock pay / revenue 3.7% 1.9% 3.1% 0.0% 1.1% 1.0% 1.5%
Change in share count 6.9% 0.7% −0.7% 0.9% −1.2% −1.2% 1.6%

Median of all 25 companies we cover in movies & entertainment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 movies & entertainment companies
Measure Company Peer median Rank
Revenue growth Growth 23.4% 8.5% 4 of 25
Change in growth rate Growth +1.8pp +0.7pp 11 of 25
Operating margin Profitability -11.4% 3.0% 20 of 24
Net margin Profitability -5.2% 0.5% 17 of 25
Free-cash-flow margin Cash generation 4.5% 7.1% 15 of 24
Stock pay as % of revenue Cash generation 3.7% 1.5% 21 of 25
Long-term debt as % of assets Balance sheet 17.9% 21.6% 8 of 19
Change in share count Balance sheet 6.9% 1.6% 15 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Ticketing and Venue License Fee Revenues $561M 46.0% —
Media Networks Revenue $439M 36.0% —
Food Beverage and Merchandise Revenues $100M 8.2% —
Sponsorship Signage Exosphere Advertising and Suite Licenses $96.2M 7.9% —
Other $22.2M 1.8% —

From Sphere Entertainment Co.'s 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.4B
Institutions reporting
413
Shares held vs prior quarter
▲ 6.9%
Positions opened / closed
89 / 51

Top buyers and sellers, Q2 2026: 217 institutions bought and 190 sold ; the biggest buyer was Sands Capital Management, LLC (+1.4M shares) and the biggest seller Ariel Investments, LLC (−797K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $706M 4.1M 11.0% ▲ 4.4%
Jericho Capital Asset Management L.P. $451M 2.6M 7.0% 0.0%
Morgan Stanley $428M 2.5M 6.6% ▲ 20.9%
Ariel Investments, LLC $288M 1.7M 4.5% ▼ 32.4%
Vanguard Portfolio Management LLC $262M 1.5M 4.1% ▼ 1.7%
Sands Capital Management, LLC $235M 1.4M 3.6% New
Vanguard Capital Management LLC $205M 1.2M 3.2% ▼ 1.3%
State Street Corp $187M 1.1M 2.9% ▲ 5.7%
FMR LLC $168M 969K 2.6% ▲ 179.6%
Ameriprise Financial Inc $156M 904K 2.4% ▲ 114.6%
Dimensional Fund Advisors LP $154M 892K 2.4% ▼ 0.6%
Assenagon Asset Management S.A. $141M 814K 2.2% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Sphere Entertainment Co.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Sphere Entertainment Co. shares.

  • Jonathan L. Jackson(D-IL 1):Purchase, $1,001 - $15,000, traded June 15, 2026, filed July 15, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded April 8, 2025, filed May 6, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $15,001 - $50,000, traded April 4, 2025, filed May 6, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • July 30, 2026
  • May 5, 2026
  • February 12, 2026
  • November 4, 2025
  • August 11, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Sphere Entertainment Co. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Sphere Entertainment Co. in brief

What does Sphere Entertainment Co. do?
Sphere Entertainment Co. is a US-listed company in the movies & entertainment industry. Its financial year ends in December.
What is Sphere Entertainment Co.'s stock ticker?
Sphere Entertainment Co. trades under the ticker SPHR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sphere Entertainment Co.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sphere Entertainment Co. reported revenue of $1.4B, 23.4% higher than a year earlier, according to its SEC filings.
What is Sphere Entertainment Co.'s free cash flow?
Sphere Entertainment Co.'s free-cash-flow margin is 4.5% of revenue over the trailing twelve months, ranking 15 of the 24 movies & entertainment companies we cover.
Who are Sphere Entertainment Co.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Jericho Capital Asset Management L.P. and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Sphere Entertainment Co.'s market cap?
On December 31, 2025, Sphere Entertainment Co.'s market capitalisation was about $4.3B, with a price-to-earnings ratio of 128.9 and net debt of $323M. Market figures come from third-party market data and may be delayed.
How much debt does Sphere Entertainment Co. have?
Sphere Entertainment Co.'s debt-to-equity ratio is 35.0%, from its latest balance sheet (76.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Sphere Entertainment Co.'s competitors?
In our Movies & Entertainment peer group, the companies closest to Sphere Entertainment Co. are Madison Square Garden Sports Corp., Madison Square Garden Entertainment Corp., Manchester United plc, Huya Inc. and Marcus Corp. The side-by-side comparison below sets their revenue, margins and growth against Sphere Entertainment Co.'s.
When is Sphere Entertainment Co.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Sphere Entertainment Co. announces its own schedule.