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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 610.05 | 573.83 | 1,026.89 | 1,220.04 |
| Cost Of Revenue | - | 320.28 | 342.21 | 547.82 | 589.98 |
| Gross Profit | - | 289.78 | 231.62 | 479.06 | 630.07 |
| Operating Expense | - | 442.36 | 482.86 | 689.35 | 778.33 |
| Operating Income | - | -152.58 | -251.24 | -210.28 | -148.26 |
| EBITDA | - | -43.05 | 378.80 | -23.86 | 464.17 |
| EBIT | - | -167.68 | 275.43 | -280.36 | 127.76 |
| Pretax Income | - | -167.68 | 275.43 | -360.22 | 57.22 |
| Tax Provision | - | -29.83 | 103.40 | -135.59 | 23.81 |
| Net Income | - | -194.40 | 502.77 | -200.65 | 33.40 |
| Net Income Common Stockholders | - | -194.40 | 502.77 | -200.65 | 33.40 |
| Total Expenses | - | 762.63 | 825.07 | 1,237.17 | 1,368.31 |
| Interest Expense | - | 0 | 0 | 79.87 | 70.55 |
| Interest Income | - | 3.58 | 11.58 | 25.69 | 13.50 |
| Selling General And Administration | - | 419.79 | 452.14 | 432.85 | 441.92 |
| Normalized EBITDA | - | -29.89 | -147.07 | 63.48 | 199.38 |
| Normalized Income | - | -127.03 | -156.43 | -170.17 | -175.78 |
| Market Cap | 4,664.27 | 4,664.27 | 4,664.27 | 4,664.27 | 4,664.27 |
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 | $4.7B | 139.63↑ premium | 2.09 | 1.5% | 11.03 |
| Versant Media Group, Inc. | VSNT | $5.6B | 5.89 | 0.53 | 9.0% | 2.85 |
| Iridium Communications Inc. | IRDM | $4.2B | 36.02 | 8.90 | 24.7% | 13.05 |
| Cinemark Holdings, Inc. | CNK | $3.3B | 24.07 | 8.21 | 34.1% | 11.50 |
| John Wiley & Sons, Inc. | WLY |
| - |
| - |
| - |
| - |
| - |
| - |
| $2.2B |
| 25.05 |
| 2.80 |
| 11.2% |
| 8.50 |
| Madison Square Garden Sports Corp. | MSGS | - | -357.53 | -28.50 | 8.0% | 1192.73 |
| Lumen Technologies, Inc. | LUMN | - | -5.24 | -8.15 | 155.7% | 19.60 |
| Telephone and Data Systems, Inc. | TDS | - | -825.35 | 1.38 | -0.2% | 10.45 |
| IAC Inc. | IAC | - | -32.02 | 0.70 | -2.2% | 22.50 |
| Peer Median | - | 0.33 | 1.04 | 10.1% | 12.27 | |