📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Sphere Entertainment Co. operates as a live entertainment and media company in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding SPHR

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	559.9K	$65.7M	0.10%	Mar 2026
Steve Cohen Point72 Asset Management	10.00M	$33.7M	0.04%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management provides specific metrics (e.g., 120,000+ tickets sold for Wizard of Oz, expected 200,000 by opening; 100 concerts in 2025 vs 70 in 2024) and outlines concrete plans for small spheres with a capital-light franchise model. Language is forward-looking but grounded in numbers and timelines.

Q3 2025

Confident Specific

Management used concrete numbers (1 million tickets, $130 million sales, 13.5% subscriber decline) and detailed technology/expansion plans. No defensive or vague language; tone was assured and forward-looking.

Q4 2025

Confident Specific

Management used phrases like 'continued validation of the business model', 'critical and commercial success', and 'substantial long-term growth', supported by specific figures such as $290 million in ticket sales for The Wizard of Oz and 2.2 million tickets sold.

Q1 2026 latest

Confident Specific

Management highlights 'revenues of $386.4 million and adjusted operating income of $110 million' and Sphere segment revenues up 'nearly 70% compared to the prior year period,' while acknowledging 'minimally impacted' by conflicts and that expansion is a 'little involved' — tone is optimistic backed by concrete financial results.

Guidance Reliability Pending · <3Q data

Investor Lens

After this call, the investment thesis for Sphere Entertainment appears stronger given the sharp revenue and AOI growth in the Las Vegas segment, driven by The Wizard of Oz and increasing event activity. The company demonstrated that the Sphere model can generate meaningful profitability, which supports its expansion narrative. However, management provided limited explicit forward guidance on revenue or margins, and was cautious about the pace of global rollouts, citing government and land-use complexities. Next quarter, investors should watch for any updates on attendance trends for Wizard of Oz, progress on National Harbor and Abu Dhabi milestones, and whether the Exosphere advertising growth translates into higher utilization or pricing disclosures.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Sphere Q1 2026 revenue $386M, AOI $110M; Wizard of Oz sold nearly 3M tickets

Revenue & Profitability

Total company revenues for the March quarter were $386.4 million, with adjusted operating income of $110 million. Sphere segment revenues rose nearly 70% year-over-year to $266 million, and AOI was $74.3 million (vs $13.1 million prior year). MSG Networks revenues were $120.4 million (down from $123 million) and AOI was $35.7 million (up from $22.8 million).

Outlook

Management is mindful of macro environment but not overly concerned. Vegas visitation was down last year but recovered to growth in February and March. Sphere is driving incremental visitation to Las Vegas. The conflict in the wider region has had minimal impact on the Abu Dhabi project. Management sees continued demand for concerts, residencies, and experiences.

Growth Drivers

Key growth levers include: The Wizard of Oz at Sphere (over $370M in ticket revenue, nearly 3M tickets sold), expanding content slate (From the Edge, additional IP partnerships), growing concert residencies (Phish, Backstreet Boys, Metallica), increasing brand events and Exosphere advertising (repeat advertisers up strong double-digit percent), and global expansion of Spheres (Abu Dhabi, National Harbor).

Balance Sheet & CapEx

Early-stage procurement work is taking place for the Abu Dhabi Sphere. For National Harbor, financing discussions are progressing, and pre-construction planning is underway. No specific CapEx numbers were provided. The company is investing in technology for Exosphere studio capability to allow quicker production and turnaround.

Margins

Sphere segment AOI improved significantly to $74.3 million from $13.1 million, reflecting revenue growth partially offset by higher direct operating and SG&A expenses. SG&A was $106.6 million, up 11% year-over-year primarily due to mark-to-market adjustments on share-based compensation; excluding those, SG&A was flat. CFO Robert Langer stated the company is focused on managing infrastructure costs and identifying further cost savings.

Key Risks

Risks flagged include: macro volatility potentially impacting Vegas visitation (though management not overly concerned), geopolitical conflict in the wider region (minimal impact on Abu Dhabi to date), and seasonality in visitor flows. An analyst noted MSG Networks subscriber decline of approximately 16%. The company's stock price volatility affects share-based compensation expense.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Q2 2026 saw strong revenue growth in the Sphere segment, driven by The Wizard of Oz and expanding original content. MSG Networks faced subscriber and ad declines, but strategic partnerships and debt reduction efforts continue. Expansion plans remain robust, with new venues and content on the horizon.

Q1 2026 Q1 2026 2026-05-05

First quarter revenues grew 70% year-over-year in the Sphere segment, driven by The Wizard of Oz and strong demand for residencies and brand events. Expansion projects in Abu Dhabi and National Harbor are progressing, and Exosphere advertising is on track for double-digit growth in repeat clients.

Q4 2025 Q4 2025 2026-02-12

Fourth quarter revenues surged over 60% year-over-year in the Sphere segment, driven by The Wizard of Oz and expanded performances. Expansion plans include a new venue at National Harbor and continued investment in immersive content, with robust demand and strong sponsorship momentum.

Q3 2025 Q3 2025 2025-11-04

Strong revenue growth driven by Sphere Experience and The Wizard of Oz, with over 1.2 million tickets sold and $130 million in sales. Venue expansion and technology monetization are key priorities, while MSG Networks faces subscriber declines but maintains profitability through cost management.

Q2 2025 Q2 2025 2025-08-11

Revenues grew year-over-year in the Sphere segment, driven by more events and strong ticket sales for new content, while MSG Networks saw lower revenues but improved operating income after a major debt restructuring. Expansion plans include new venues and a capital-light franchise model.

📊 Analysis Methodology

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