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Sphere Entertainment

SPHR NYSE Movies & Entertainment Financials FY2018–FY2025

Sphere Entertainment's revenue rose 18.8% to $1.2 billion in fiscal 2025. Its operating margin was −18.8%, up from −33.2% a year earlier. It paid out $50 million in dividends and buybacks. The diluted share count rose 28.3%.

Last close · Oct 23, 2026

$108.94

2.4%
Value it Compare
Revenue Total sales reported in the income statement.
$1.2B
18.8% vs prior year
Operating margin Operating income as a share of revenue.
−18.8%
14.4 pts
Net income Profit after all expenses, interest and tax.
$33.4M
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−4.8%
3.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Interest coverage for fiscal 2025 is blank: the 10-K's structured data has no interest expense for that year.

What Sphere Entertainment does

No business description yet.

Legal name
SPHERE ENTERTAINMENT CO.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-007760
0001795250

Revenue and margins

Sphere Entertainment had $1.2B of revenue in fiscal 2025, up 18.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2018 to 2025, diluted EPS grew 14.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Sphere Entertainment returned $50.0M to shareholders in fiscal 2025. The diluted share count rose 28.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Sphere Entertainment yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$171M and divides by 45.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Sphere Entertainment can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$747M$132M$573M$521M
Debt incl. finance leases $1.7B$996M$1.2B$1.4B$693M
Net debt / EBITDA ————1.6x
Debt / equity 0.8x0.5x0.5x0.6x0.3x
Interest coverage −9.2x−6.1x—−4.3x—
Current ratio 2.6x1.3x0.9x0.6x1.1x
Quick ratio 2.6x1.3x0.9x0.6x1.1x
Total assets $5.3B$5.5B$5.0B$4.8B$4.2B
Total liabilities $3.0B$3.4B$2.4B$2.4B$2.0B
Shareholders' equity $2.2B$2.0B$2.6B$2.4B$2.2B
Net debt (− = net cash) $188M$248M$1.1B$810M$171M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✓
Cash from operations is positive ✓ ✕ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 3 / 82 / 87 / 8
Accruals ratio 6.7%−3.7%−4.7%
Altman Z'' 0.82−0.100.78

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Sphere Entertainment SPHR $3.9B 18.8% −18.8% — −4.8% — 7
Madison Square Garden Sports MSGS $9.4B 11.0% 2.5% 5.3% — — 7 Compare →
Lionsgate Studios LION $3.6B 1.8% 3.7% 0.4% 8.3% — 5 Compare →
IMAX IMAX $3.0B 16.5% 20.5% 29.0% — 74.1x — Compare →
TKO Group TKO $13.1B −3.1% 17.6% — 5.9% — 5 Compare →

8 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $989M $1.0B $1.4B $648M $610M $574M $1.0B $1.2B
Operating income −$31.3M −$45.6M $235M −$188M −$166M −$273M −$341M −$230M
Interest expense $12.1M $5.6M $36.6M $20.4M $27.2M $0.0M $79.9M —
Pretax income −$28.9M −$20.0M $252M −$161M −$168M $275M −$360M $57.2M
Income tax −$30.8M $0.4M $102M $38.9M −$29.8M $103M −$136M $23.8M
Net income $6.9M −$8.2M $182M −$148M −$194M $503M −$201M $33.4M
Diluted EPS $0.29 −$0.35 $5.20 −$4.59 −$5.77 $14.40 −$5.68 $0.74
Diluted shares 0.02B 0.02B 0.03B 0.03B 0.03B 0.03B 0.04B 0.05B
Cash flow
Cash from operations $144M $101M $308M −$58.7M $141M $154M −$19.7M $243M
Capital expenditure $187M $184M $455M $456M $757M — — —
Free cash flow −$43.0M −$82.6M −$147M −$515M −$615M — — —
Depreciation and amortization $112M $109M $112M $122M $125M $103M $257M $336M
Stock-based compensation $27.3M $35.4M $61.4M $70.6M $77.1M $62.7M $48.0M $59.0M
Acquisitions $6.1M $0.0M $0.0M $0.0M $0.0M $0.0M $9.4M $0.0M
Share buybacks $0.0M $0.0M $294M $0.0M $0.0M $0.0M $0.0M $50.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $294M $0.0M $0.0M $0.0M $0.0M $50.0M
Balance sheet
Cash and short-term investments $1.2B $1.2B $1.2B $1.5B $747M $132M $573M $521M
Total debt — $54.6M $33.6M $1.7B $996M $1.2B $1.4B $693M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $1.3B $1.4B $1.9B $1.2B $624M $866M $810M
Current liabilities — $474M $510M $730M $961M $692M $1.4B $743M
Inventory $0.0M $0.0M $0.0M $9.5M $13.5M $0.0M $11.9M $14.5M
Property and equipment, net — $1.3B $1.7B $2.2B $2.2B $3.3B $3.2B $2.7B
Total assets — $3.3B $3.7B $5.3B $5.5B $5.0B $4.8B $4.2B
Total liabilities — $662M $845M $3.0B $3.4B $2.4B $2.4B $2.0B
Shareholders' equity $2.5B $2.6B $2.9B $2.2B $2.0B $2.6B $2.4B $2.2B
Margins
Operating margin −3.2% −4.4% 16.4% −29.1% −27.2% −47.6% −33.2% −18.8%
EBITDA margin 8.2% 6.1% 24.2% −10.2% −6.7% −29.6% −8.3% 8.8%
Net margin 0.7% −0.8% 12.7% −22.9% −31.9% 87.6% −19.5% 2.7%
FCF margin −4.4% −7.9% −10.2% −79.5% −100.9% — — —
Returns
Return on capital — — 13.4% −8.6% −5.7% −5.8% −7.8% −4.8%
Return on capital employed — — 7.8% −4.8% −3.6% −6.2% −8.9% −6.7%
Return on equity — — 6.7% −5.9% −9.4% 22.1% −8.0% 1.4%
Return on assets — — 5.2% −3.3% −3.6% 9.6% −4.1% 0.7%
Growth
Revenue growth — 6.1% 36.9% −54.9% −5.8% −5.9% 79.0% 18.8%
Net income growth — −219.2% — −181.5% — — −139.9% —
EPS growth — −220.7% — −188.3% — — −139.4% —
Share count change — 0.0% 45.6% −2.0% 0.0% 2.0% 1.1% 28.3%
Financial health
Net debt / EBITDA — −17.8x −3.5x — — — — 1.6x
Debt / equity — 0.0x 0.0x 0.8x 0.5x 0.5x 0.6x 0.3x
Interest coverage −2.6x −8.2x 6.4x −9.2x −6.1x — −4.3x —
Current ratio — 2.8x 2.8x 2.6x 1.3x 0.9x 0.6x 1.1x
Quick ratio — 2.8x 2.8x 2.6x 1.3x 0.9x 0.6x 1.1x
Capital allocation
Capex / revenue 18.9% 17.5% 31.7% 70.4% 124.0% — — —
Stock comp / revenue 2.8% 3.4% 4.3% 10.9% 12.6% 10.9% 4.7% 4.8%
Quality scores
Piotroski F-score — — — 2.0 4.0 3.0 2.0 7.0
Altman Z'' — 5.0 5.0 1.9 0.6 0.8 −0.1 0.8
Accruals ratio — — −3.6% −2.0% −6.2% 6.7% −3.7% −4.7%

Source: SEC EDGAR XBRL filings (CIK 0001795250). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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