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Sphere Entertainment Co. operates as a live entertainment and media company in the United States. It operates through two segments, Sphere and MSG Networks. The Sphere segment offers entertainment medium powered by technologies to create multi-sensory experiences. The MSG Networks segment provides regional sports and entertainment networks; direct-to-consumer and authenticated streaming products, as well as sports content, including live local games and other programming. The company was formerly known as Madison Square Garden Entertainment Corp. and changed its name to Sphere Entertainment Co. in April 2023. Sphere Entertainment Co. was founded in 2006 and is based in New York, New York.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.2B | $464M | $33M | $191M | 1.5% | 18.8% | -116.6% |
| 2024 | $1.0B | $-24M | $-201M | $-309M | -8.3% | 79.0% | -139.9% |
| 2023 | $574M | $379M | $503M | $-1.0B | 19.5% | -5.9% | -358.6% |
| 2022 | $610M | $-43M | $-194M | $-664M | -9.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2025 |
|---|---|
| Total Revenue | 1,220.04 |
| Operating Revenue | 1,192.24 |
| Cost Of Revenue | 589.98 |
| Gross Profit | 630.07 |
| Operating Expense | 778.33 |
| Selling General And Administration | 441.92 |
| Total Expenses | 1,368.31 |
| Operating Income | -148.26 |
| Total Operating Income As Reported | -229.56 |
| EBITDA | 464.17 |
| Normalized EBITDA | 199.38 |
| EBIT | 127.76 |
| Interest Income | 13.50 |
| Interest Expense | 70.55 |
| Net Interest Income | -57.05 |
| Other Non Operating Income Expenses | -1.66 |
| Other Income Expense | 262.53 |
| Interest Income Non Operating | 13.50 |
| Interest Expense Non Operating | 70.55 |
| Net Non Operating Interest Income Expense | -57.05 |
| Pretax Income | 57.22 |
| Tax Provision | 23.81 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | 55.61 |
| Net Income Continuous Operations | 33.40 |
| Net Income From Continuing And Discontinued Operation | 33.40 |
| Net Income From Continuing Operation Net Minority Interest | 33.40 |
| Net Income | 33.40 |
| Net Income Common Stockholders | 33.40 |
| Net Income Including Noncontrolling Interests | 33.40 |
| Normalized Income | -175.78 |
| Diluted NI Availto Com Stockholders | 33.40 |
| Basic Average Shares | 36.07 |
| Diluted Average Shares | 45.30 |
| Reconciled Depreciation | 336.41 |
| Reconciled Cost Of Revenue | 589.98 |
| Total Unusual Items | 264.79 |
| Total Unusual Items Excluding Goodwill | 264.79 |
| Minority Interests | - |
| Net Income Discontinuous Operations | 0 |
| Special Income Charges | 264.79 |
| Gain On Sale Of Business | - |
| Other Special Charges | -346.09 |
| Write Off | 69.78 |
| Impairment Of Capital Assets | - |
| Restructuring And Mergern Acquisition | 11.52 |
| Gain On Sale Of Security | - |
| Depreciation Amortization Depletion Income Statement | 336.41 |
| Depreciation And Amortization In Income Statement | 336.41 |
| Gain On Sale Of Ppe | - |
| Otherunder Preferred Stock Dividend | - |
| Earnings From Equity Interest | -0.60 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Sphere Entertainment Co.this co. | SPHR | $5.1B | 152.34↑ premium | 2.28 | 1.5% | 11.94 |
| Lumen Technologies, Inc. | LUMN | $10.2B | -5.87 | -9.13 | 155.7% | 20.43 |
| Madison Square Garden Sports Corp. | MSGS | $9.3B | -413.16 | -32.94 | 8.0% | 1357.01 |
| Versant Media Group, Inc. | VSNT | $5.7B | 6.12 | 0.55 | 9.0% | 2.94 |
| Iridium Communications Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| IRDM |
| $5.5B |
| 48.13 |
| 11.90 |
| 24.7% |
| 16.17 |
| Telephone and Data Systems, Inc. | TDS | $4.5B | -724.07 | 1.21 | -0.2% | 9.31 |
| Cinemark Holdings, Inc. | CNK | $3.6B | 26.04 | 8.88 | 34.1% | 12.02 |
| IAC Inc. | IAC | $3.1B | -30.21 | 0.66 | -2.2% | 21.38 |
| John Wiley & Sons, Inc. | WLY | $2.3B | 26.88 | 3.01 | 11.2% | 8.95 |
| Peer Median | - | 0.13 | 0.94 | 10.1% | 14.10 | |