Sphere Entertainment (SPHR) FY2025 results: revenue $1.2 billion, up 136.2% on the year
Sphere Entertainment Co. (SPHR) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, up 136.2% on the year before. Net income was $33 million, and diluted earnings per share $0.74. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
- Fourth-quarter revenue rose 28%: Revenue was $394.3 million, up $86.0 million. Sphere revenue rose $105.2 million while MSG Networks revenue fell $19.2 million.
- Operating income turned positive: Operating income was $28.9 million, against a $142.9 million loss a year earlier. Adjusted operating income was $128.0 million, up $95.2 million.
- Sphere revenue up 62%: Sphere revenue was $274.2 million, up 62% on the prior year quarter. Full-year Sphere revenue was $781.4 million, up 27%.
- Sphere adjusted operating income turned positive: The Sphere operating loss narrowed to $6.5 million. Adjusted operating income was $89.4 million, up from a $0.8 million loss, and $144.6 million for the full year.
- MSG Networks revenue down 14%: MSG Networks revenue was $120.1 million, down $19.2 million. Full-year revenue was $438.6 million, down 15%.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2021 | On the year | Last 8 years |
|---|---|---|---|---|
| Revenue | 1,220 | 516 | +136.2% | |
| Operating income | -230 | n/a | ||
| Operating margin | -18.8% | n/a | ||
| Pre-tax income | 57.2 | n/a | ||
| Income tax | 23.8 | n/a | ||
| Effective tax rate | 41.6% | n/a | ||
| Net income | 33.4 | n/a | ||
| Net margin | 2.7% | n/a | ||
| Diluted EPS | $0.74 | n/a |
$ million except per share.
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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
| $ million | FY2025 | FY2021 | On the year | Last 8 years |
|---|---|---|---|---|
| Operating cash flow | 243 | n/a | ||
| Capital expenditure | 52.3 | n/a | ||
| Free cash flow | 191 | n/a | ||
| Free cash flow margin | 15.7% | n/a | ||
| Cash from investing | -3.9 | n/a | ||
| Cash from financing | -233 | n/a | ||
| Depreciation and amortisation | 336 | n/a | ||
| Share-based compensation | 59.0 | n/a | ||
| Buybacks | 50.0 | n/a | ||
| Diluted shares, weighted | 45m | n/a |
Balance sheet
| $ million | FY2025 | FY2021 | On the year | Last 8 years |
|---|---|---|---|---|
| Shareholders' equity | 2,233 | 2,112 | +5.7% | |
| Non-controlling interest | n/a | 16.0 | ||
| Redeemable equity | n/a | 142 | ||
| Debt | 830 | 1,663 | -50.1% | |
| Operating lease liabilities | 114 | 450 | -74.7% | |
| Other liabilities | 1,032 | 1,140 | -9.4% | |
| Total liabilities and equity | 4,210 | 5,523 | -23.8% | |
| Fixed assets | 2,711 | 2,475 | +9.5% | |
| Goodwill | 345 | 500 | -31.1% | |
| Intangible assets | 21.8 | 182 | -88.0% | |
| Cash and equivalents | 508 | 1,258 | -59.6% | |
| Receivables | n/a | 190 | ||
| Inventory | 14.5 | n/a | ||
| Other assets | 610 | 918 | -33.5% | |
| Total assets | 4,210 | 5,523 | -23.8% |
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.