At a glance
Sphere Entertainment Co. is worth $4.02B, about 151 times its fiscal 2025 earnings. Revenue grew 18.8% to $1.22B in fiscal 2025, with 2.7% kept as profit; over 4 years it has grown 17.2% a year. It pays no dividend; it spent $50.0M buying back its shares over FY2021–FY2025. The stock returned +64.3% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Sphere Entertainment Co. runs two businesses. The larger is Sphere, a venue for up to 20,000 guests one block from the Las Vegas Strip, which opened on September 29, 2023. Its outer shell, the Exosphere, is covered in nearly 580,000 square feet of programmable LED lights. Inside, a high-resolution 16K x 16K screen wraps around the audience, backed by custom sound and 4D effects such as wind and scent.
The venue hosts concert residencies, sports and brand events, and The Sphere Experience, which shows original productions such as The Wizard of Oz at Sphere and Postcard from Earth. Owning these shows lets it earn as both venue operator and content owner. Ticketing and venue license fees made up 46% of total revenue in the fiscal year ended December 31, 2025. Food, drinks and merchandise added 8%, and sponsorship, Exosphere advertising and suite licenses another 8%. The company plans more Spheres, including in Abu Dhabi and at National Harbor, Maryland.
MSG Networks runs two New York-area sports channels, MSG Network and MSG Sportsnet, plus the MSG+ streaming service. They air local games of the Knicks, Rangers, Islanders, New Jersey Devils and Buffalo Sabres. The unit earns fees from pay-TV distributors that carry the channels, plus advertising. Sphere produced 64% of the year's roughly $1.22 billion in revenue, MSG Networks 36%.
Price history
The interactive chart needs JavaScript.
SPHR +64.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Ticketing and venue license fee revenues | $560.8M | 46% |
| Media networks revenues | $438.6M | 36% |
| Food, beverage and merchandise revenues | $100.4M | 8.2% |
| Sponsorship, signage, Exosphere advertising, and suite license revenues | $96.2M | 7.9% |
| Other | $22.2M | 1.8% |
By business segment
| Sphere | $781.4M | 64% |
| MSG Networks | $438.6M | 36% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $313.6M, up 11% from a year earlier, and net income was $-38.3M (-125.2%).
- For fiscal 2025, revenue was $1.22B (+18.8% year over year; +17.2% a year from FY2021 to FY2025) with a 2.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +17.2% good |
|---|---|
| Operating margin | -18.8% weak |
| Return on equity (FY2025) | 1.5% weak |
| Return on assets (FY2025) | 0.8% weak |
| Net cash (cash minus debt) | $-98.4M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.44B | $181.7M | $-147.1M |
| FY2021 | $647.5M | $-148.2M | $-514.7M |
| FY2022 | $610.1M | $-194.4M | $-615.4M |
| FY2023 | $573.8M | $502.8M | — |
| FY2024 | $1.03B | $-200.6M | — |
| FY2025 | $1.22B | $33.4M | — |
Valuation snapshot
| Market value | $4.02B |
|---|---|
| P/E ratio | 151.1 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SPHR price data to Oct 28, 2026 | +17.6% | +64.3% | +49.5% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +17.6% |
| 2025 | +135.8% |
| 2024 | +18.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.5% | Mar 31, 2026 |
| Morgan Stanley | 8.3% | Jun 30, 2026 |
| Ariel Investments, LLC | 5.8% | Jun 30, 2026 |
| Barclays PLC | 5.79% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.42% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5% | Mar 31, 2025 |
| Citadel Advisors LLC | 3.9% | Mar 31, 2025 |
| BANK OF NOVA SCOTIA | 3.06% | Dec 31, 2025 |
| Point72 Asset Management, L.P. | 0.8% | Sep 30, 2025 |
ETFs with the most weight in SPHR
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.4% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.19% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.13% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.11% |
| VOX Vanguard Communication Services ETF | 0.09% |
| VTWV Vanguard Russell 2000 Value ETF | 0.09% |
| IWN iShares Russell 2000 Value ETF | 0.07% |
| BBSC JPMorgan BetaBuilders U.S. Small Cap Equity Fund | 0.06% |
What could go wrong
- Results ride on one Las Vegas venue. The Sphere segment, built around one Las Vegas venue, produced 64% of fiscal 2025 revenue. It depends on drawing audiences, star performers and advertisers, and its costly technology carries no guarantee of lasting success.
- Lenders could take over MSG Networks. If MSG Networks cannot generate enough cash to repay its bank term loan when due, lenders could demand immediate repayment and take over that business.
- Cord-cutting and team deals threaten the networks. MSG Networks relies on a few pay-TV distributors and on rights to air local NBA and NHL games. Fewer cable subscribers, lost team deals or weaker renewals could hurt a unit producing 36% of revenue.
- New Spheres are costly and complex to build. The company plans more venues, including in Abu Dhabi and at National Harbor, Maryland. Large projects like these carry construction, cost and international business risks, and may need financing that could be hard to get.
- Operating losses and heavy, variable-rate debt. The company lost about $230 million from operations in fiscal 2025 and describes itself as heavily indebted. Debt totaled $649 million as of June 30, 2026, and variable rates have raised interest costs.
- The Dolan family controls the company. The Dolan family can approve or block major decisions, including a takeover. As a controlled company, Sphere can skip some NYSE governance rules, and executives shared with MSG Sports and MSG Entertainment may face conflicts.
Recent events
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released
For income and retirement investors
Sphere Entertainment pays no dividend, and it paid none in fiscal years 2021 through 2025. An income investor would get no cash from holding the shares, so any return would have to come from a rising share price. The company spent about $50 million repurchasing its own shares in fiscal 2025, its only repurchases in those five years. Repurchases can raise each remaining share's slice of the company, but they pay nothing to shareholders who hold on.
Price history for the shares covers only about 3.5 years, so it doesn't show how the stock held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 downturn. Over that span, through October 28, 2026, the shares fell as much as 52% from a peak. They also swung widely, gaining 136% in calendar 2025 before dropping 19% in the month to October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Sphere Entertainment pay a dividend?
No. Sphere Entertainment paid no dividends in fiscal years 2021 through 2025, so there is no dividend record or streak of increases. It did spend about $50 million repurchasing its own shares in fiscal 2025. Investors who rely on their portfolio for regular income would get none from this stock. Returns depend entirely on the share price, which fell as much as 52% from a peak over about 3.5 years through October 28, 2026.
How does Sphere Entertainment make money?
Mostly from its Las Vegas venue. In the fiscal year ended December 31, 2025, the Sphere segment brought in about $781 million, or 64% of total revenue of roughly $1.22 billion. That money comes from tickets and venue license fees, food, drinks and merchandise, sponsorships, suites and Exosphere advertising. The other 36%, about $439 million, came from MSG Networks, which collects fees from TV distributors and advertisers for its New York-area sports channels.
Is Sphere Entertainment profitable?
Barely, and not from its core operations. For the fiscal year ended December 31, 2025, it reported net income of about $33 million, or $0.74 per diluted share, on revenue of $1.22 billion. But it posted an operating loss of about $230 million, so the net profit relied on items outside day-to-day operations. In the quarter ended June 30, 2026, it had a net loss of about $38 million. The company warns that future operating income and positive cash flow are not assured.
How much debt does Sphere Entertainment have?
About $649 million as of June 30, 2026, against about $551 million in cash and investments, leaving net debt of roughly $98 million. The company describes itself as highly leveraged, meaning heavily reliant on borrowed money. Variable interest rates on some debt have pushed its interest costs higher. A key risk sits at MSG Networks: if that unit cannot generate enough cash to repay its term loan when due, lenders could foreclose on the MSG Networks business.
Who controls Sphere Entertainment?
The Dolan family. The family can approve, block or influence major company actions, including whether the company changes hands. Sphere Entertainment has elected to be a controlled company under New York Stock Exchange rules, which lets it skip some governance requirements. It also shares some directors and officers with MSG Sports, MSG Entertainment and AMC Networks. Among outside investors, BlackRock reported a 13.5% stake as of March 31, 2026, and Morgan Stanley 8.3% as of June 30, 2026.