Sphere Entertainment (SPHR) Q3 FY2025 earnings: revenue $263 million, up 15.2% on the year

Sphere Entertainment Co. (SPHR) reported revenue of $263 million for Q3 FY2025, the quarter ended 30 September 2025, up 15.2% on the same quarter a year earlier. Net income was -$101 million, and diluted earnings per share $-2.80. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2025.

Revenue$263 millionup 15.2%

Net income-$101 million

Diluted EPS$-2.80

QuarterQ3 FY2025ended 30 September 2025

The quarter, against the one before and a year earlier

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Revenue	263	283	228	+15.2%
Selling, general and administrative	99.7	113	119	-16.2%
Operating income	-130	-50.2	-118	n/a
Operating margin	-49.4%	-17.7%	-51.6%
Interest expense	9.4	25.9	27.0	-65.2%
Pre-tax income	-137	274	-138	n/a
Income tax	-35.5	122	-33.0	n/a
Effective tax rate	n/a	44.5%	n/a
Net income	-101	152	-105	n/a
Net margin	-38.5%	53.7%	-46.2%
Diluted EPS	-$2.80	$3.39	-$2.95	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Operating cash flow	116	-59.1	34.1	+239.8%
Capital expenditure	5.0	14.7	18.5	-73.0%
Free cash flow	111	-73.7	15.6	+611.8%
Free cash flow margin	42.2%	-26.1%	6.8%
Cash from investing	-5.1	34.0	-19.6	n/a
Cash from financing	-81.0	-84.8	-35.6	n/a
Depreciation and amortisation	84.1	83.9	81.9	+2.7%
Share-based compensation	8.5	18.9	15.6	-45.2%
Diluted shares, weighted	36m	45m	36m	+1.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Shareholders' equity	2,155	2,314	2,314	-6.9%
Debt	734	744	1,363	-46.2%
Operating lease liabilities	110	112	125	-12.1%
Other liabilities	1,140	1,030	791	+44.2%
Total liabilities and equity	4,139	4,199	4,593	-9.9%
Fixed assets	2,777	2,852	3,092	-10.2%
Goodwill	345	410	470	-26.7%
Intangible assets	23.5	25.1	30.1	-22.1%
Cash and equivalents	385	356	540	-28.7%
Inventory	12.6	12.8	14.1	-10.7%
Other assets	596	543	446	+33.5%
Total assets	4,139	4,199	4,593	-9.9%

Questions

What was Sphere Entertainment's revenue in Q3 FY2025?

Sphere Entertainment (SPHR) reported revenue of $263 million for Q3 FY2025, the quarter ended 30 September 2025, up 15.2% on the same quarter a year earlier.

How much did Sphere Entertainment earn in Q3 FY2025?

Net loss for Q3 FY2025 was $101 million, and the diluted loss per share $2.80.

When did Sphere Entertainment report Q3 FY2025 results?

Sphere Entertainment filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 4 November 2025.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	118	314	321	273	228	308	281	283	263	394	386	314
SG&A	87.1	116	123	107	119	135	114	113	99.7	n/a	122	139
Operating income	-69.8	-160	-40.4	-71.4	-118	-143	-78.6	-50.2	-130	28.9	7.2	-61.3
Operating margin	-59%	-51%	-13%	-26%	-52%	-46%	-28%	-18%	-49%	7%	2%	-20%
Interest expense	0.0	25.8	27.1	26.9	27.0	30.4	26.2	25.9	9.4	n/a	8.0	8.3
Pre-tax income	-23.2	-181	-63.1	-93.2	-138	-168	-102	274	-137	22.4	-0.4	-65.3
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	45%	n/a	-188%	n/a	n/a
Net income	66.4	-173	-47.2	-46.6	-105	-126	-82.0	152	-101	64.7	4.5	-38.3
Net margin	56%	-55%	-15%	-17%	-46%	-41%	-29%	54%	-39%	16%	1%	-12%
Diluted EPS	$1.89	-$4.91	-$1.33	-$1.31	-$2.95	-$3.50	-$2.27	$3.39	-$2.80	$1.23	-$0.04	-$1.07
Operating cash flow	-94.6	46.4	101	-72.4	34.1	6.7	6.3	-59.1	116	180	136	-33.7
Capital expenditure	165	65.5	19.5	14.8	18.5	30.4	17.5	14.7	5.0	15.2	4.9	14.5
Free cash flow	-260	-19.1	81.6	-87.2	15.6	-23.7	-11.1	-73.7	111	165	131	-48.1
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-KT	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2025, filed 4 November 2025, accession 0001628280-25-049008: the filing on EDGAR. All of Sphere Entertainment Co.'s filings: EDGAR company page.

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