Sphere Entertainment Co.
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Range $132 – $208
Price Chart
About the company
Sphere Entertainment Co. is a prominent player in the entertainment sector, specializing in orchestrating, staging, and hosting a diverse array of live events. This encompasses musical concerts, family-oriented productions, and unique special occasions, alongside a variety of athletic competitions.
- CEO
- James Lawrence Dolan
- IPO
- 2020
- Employees
- 2,200
- HQ
- New York City, NY, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $3.99B
- P/E
- -48.38
- Fwd P/E
- 92.33
- PEG
- 0.06
- P/S
- 2.94
- P/B
- 1.79
- EV/EBITDA
- 23.07
- Div Yield
- 0.00%
- Gross Margin
- 54.23%
- Op Margin
- -5.65%
- Net Margin
- -5.18%
- ROE
- -3.17%
- ROIC
- -0.80%
Latest fiscal year · YoY change
- Revenue
- $1.22B+18.8%
- Gross Profit
- $630.07M+183.1%
- Op Income
- $-148,263,000
- Net Income
- $33.41M+116.6%
- EPS
- $0.93+116.4%
- OCF Growth
- +1337.9%
- FCF Growth
- +161.7%
- 52W High
- $181.63
- 52W Low
- $57.01
- 50D MA
- $148.10
- 200D MA
- $129.00
- Beta
- 1.61
- RSI (14)
- 22
- Avg Volume
- 655.44K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Sphere Entertainment posted solid Q2 growth driven by The Wizard of Oz at Sphere, while management highlighted accelerating expansion plans and a broader original-content strategy.· July 30, 2026
- Total company revenue was $313.6 million and adjusted operating income was $50.9 million for the June quarter.
- Sphere segment revenue rose nearly 30% year over year to $226.4 million, led by higher virtual revenue from The Wizard of Oz at Sphere.
- Sphere segment AOI increased to $39.9 million from $24.9 million, though higher SG&A and direct operating costs offset some of the revenue upside.
- The Wizard of Oz at Sphere has sold nearly 3.6 million tickets for approximately $450 million in ticket sales.
- Management said the venue expansion pipeline remains active, with Abu Dhabi under construction, National Harbor advancing, and another announcement possible this year or by early 2027.
For the June quarter, total company revenue was $313.6 million and adjusted operating income was $50.9 million. Sphere segment revenue was $226.4 million, up nearly 30% year over year, and Sphere segment AOI was $39.9 million versus $24.9 million a year ago. MSG Networks reported revenue of $87.3 million and AOI of $11 million, compared with $107.1 million and $36.5 million in the prior-year quarter; management attributed the decline to about a 16.5% subscriber decrease, lower advertising revenue, and prior-year retroactive adjustments. No formal next-quarter or full-year financial guidance was given, but management said Exosphere and sponsorship revenue should continue growing in the next few quarters and into next year, and that more Sphere announcements could come by year-end or early 2027.
Jim Dolan emphasized two priorities: expanding the global Sphere footprint and building a reusable slate of original content. He said Abu Dhabi is under construction, National Harbor is advancing, and the company wants to go fast and build multiple venues. His tone was strongly optimistic about content and scale, saying The Wizard of Oz has “tremendous legs,” Rocky Horror should broaden the audience mix, and Sphere could ultimately have several venues open and more under construction.
Robert Langer highlighted the quarter’s financial lift from Sphere content, especially The Wizard of Oz, plus gains in Exosphere advertising, sponsorship, suite license fees, and concert residencies. He also flagged higher SG&A, including mark-to-market share-based compensation tied to the stock price, noting the company cash settled over half of those awards so the future mark-to-market impact should be smaller. On liquidity, Sphere had about $534 million of unrestricted cash and cash equivalents at June 30, alongside $259 million in converted debt and a $275 million Las Vegas term loan; MSG Networks had about $98 million of net debt, including $116 million outstanding on its term loan.
Analysts focused on the durability of The Wizard of Oz attendance, the role of Rocky Horror Picture Show in increasing utilization, and how many Sphere experiences could eventually run at once. Management said Oz is performing very well despite summer seasonality and could run for a long time, while the new Oz 2.0 version is expected in September and Rocky Horror in March, which should help separate daytime family use from evening adult programming. On expansion, management said it can support 5 to 6 Spheres simultaneously, that National Harbor may use a build-to-suit/leaseback structure, and that financing will be evaluated market by market rather than through one fixed model.
The bull case from the call is that Sphere is showing strong operating leverage from content, with The Wizard of Oz driving nearly 3.6 million tickets and roughly $450 million in sales. Management also described a growing pipeline for Exosphere sponsorships, recurring IP-based experiences, and multiple venue openings, including Abu Dhabi and possibly another announcement in the near term. They were explicit that content production is getting faster and cheaper, which could help scale the model across more markets.
The main risks discussed were seasonality in Las Vegas, higher SG&A and direct operating costs, and the fact that MSG Networks continues to face subscriber and advertising pressure. Expansion also depends on financing and local execution, with management acknowledging that each market may require a different structure and that capital is not unlimited. The company is still early in proving that the Sphere model can scale beyond Las Vegas without stretching design, construction, and content development capacity.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 94.1%
- Shares Outstanding
- 35.98M
- Float Shares
- 33.87M
of shares held by institutions
397 13F filers
Buy/sell ratio 0.79. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for SPHR, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 4.08M | ▲ 172.10K |
| Vanguard Group Inc | 2.65M | ▼ 12.68K |
| Jericho Capital Asset Management L.P. | 2.61M | 0 |
| Morgan Stanley | 2.47M | ▲ 427.78K |
| Ariel Investments, LLC | 1.67M | ▼ 796.98K |
| Vanguard Portfolio Management LLC | 1.52M | ▼ 26.61K |
| Sands Capital Management, LLC | 1.36M | ▲ 1.36M |
| Vanguard Capital Management LLC | 1.18M | ▼ 16.11K |
| State Street Corp | 1.08M | ▲ 58.31K |
| Fmr LLC | 968.99K | ▲ 622.43K |
| Ameriprise Financial Inc | 904.01K | ▲ 482.68K |
| Dimensional Fund Advisors LP | 891.80K | ▼ 5.79K |
Held by 367 ETFs
Biggest fund positions in SPHR by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 15, 26 | Koester Jennifer | other | 20,487 |
| Sep 15, 26 | Koester Jennifer | other | 8,269 |
| Sep 15, 26 | Koester Jennifer | other | 10,458 |
| Sep 15, 26 | Koester Jennifer | other | 6,829 |
| Sep 15, 26 | Koester Jennifer | other | 13,826 |
| Sep 15, 26 | Koester Jennifer | other | 11,988 |
| Sep 15, 26 | Koester Jennifer | other | 8,269 |
| Sep 15, 26 | Koester Jennifer | other | 20,487 |
| Sep 15, 26 | Koester Jennifer | other | 6,829 |
| Sep 15, 26 | Granville-Smith David | other | 3,213 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our SPHR coverage
Recent articles, reports, and earnings notes.
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Generate SPHR report →Why Is Sphere Entertainment Stock Sinking Monday?
benzinga.com · Oct 5
Sphere Entertainment Stock Sinks as Analysts Say ‘Wizard of Oz' Demand Cools
barrons.com · Oct 5
Traders Purchase Large Volume of Call Options on Sphere Entertainment (NYSE:SPHR)
defenseworld.net · Oct 5
Sphere Entertainment (NYSE:SPHR) Shares Gap Down Following Analyst Downgrade
defenseworld.net · Oct 5
Sphere Debuts Enhanced and Expanded 4D Effects for The Wizard of Oz at Sphere
businesswire.com · Sep 25
Sphere and Disguise Announce Multi-Year Technology Partnership to Advance the Future of Immersive Live Entertainment
businesswire.com · Sep 23
Sphere and Lyft Announce Multi-Year Partnership, Naming Lyft an Official Rideshare Partner of the Venue
gurufocus.com · Sep 16
Sphere and Lyft Announce Multi-Year Partnership, Naming Lyft an Official Rideshare Partner of the Venue
businesswire.com · Sep 16
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.