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Sphere Entertainment (SPHR) investor relations material
Sphere Entertainment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenues rose 15% year-over-year to $262.5 million, driven by Sphere segment growth and new experiential offerings, while net loss narrowed to $101.2 million from $105.3 million in Q3 2024.
Sphere segment revenues increased 37% year-over-year to $174.1 million, led by The Wizard of Oz and concert residencies, with over 1 million tickets sold and $130 million in sales for The Wizard of Oz.
MSG Networks revenues declined 12% year-over-year to $88.4 million, mainly due to a 13.5% subscriber decrease and media rights amendments, partially offset by cost reductions.
Sphere Immersive Sound and proprietary technology drive innovation, with over 60 U.S. patents and international protection; new AI-driven content partnerships and sponsorships, including with Google, Zoox, and Lenovo, are underway.
Venue expansion is progressing globally, with Abu Dhabi nearing pre-construction completion and franchise agreements signed.
Financial highlights
Q3 2025 revenue: $262.5 million (+15% YoY); adjusted operating income: $36.4 million (vs. loss of $10.2 million prior year); net loss: $101.2 million (improved from $105.3 million prior year).
Sphere segment adjusted operating income was $17.1 million, reversing a prior year loss, aided by higher revenues and lower SG&A expenses.
MSG Networks adjusted operating income increased to $19.3 million despite revenue decline, reflecting cost management.
Cash and equivalents at quarter-end: $398.3 million; total debt: $874.9 million.
$50 million in share repurchases during the quarter; $300 million remains under buyback authorization.
Outlook and guidance
Management expects strong demand for The Wizard of Oz to continue, with an enhanced version and new content in development.
Venue expansion and content monetization across platforms and geographies are anticipated to drive future profitability.
Exosphere advertising and sponsorships show double-digit growth, with multi-year deals and a strong pipeline.
MSG Networks anticipates continued subscriber declines, impacting future revenue and operating income.
Company believes it has sufficient liquidity to fund operations and service debt, but warns of risks if Sphere underperforms.
Sphere: Key non-cash items impacting GAAP loss?
MSG Networks: Plan to counter subscriber decline?
Given operating loss, why prioritize buybacks?
Monetization strategy for Sphere's AI tech?
Capital strategy for future Sphere venues?
Optimize Sphere's daily content mix?
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Frequently asked questions
Sphere Entertainment Co. is a live entertainment and media company. The Company includes Sphere, a next-generation entertainment medium. The first Sphere venue is currently under construction in Las Vegas and is expected to open in fall 2023. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as a companion streaming service, MSG GO, delivering a wide range of live sports content and other programming. Also under the Sphere Entertainment Co. umbrella is Tao Group Hospitality, a global entertainment dining and nightlife leader featuring brands including Tao, Hakkasan, Omnia, Marquee, Lavo, Beauty & Essex, and Cathédrale. Sphere Entertainment Co. is based in New York, New York.
In April 2023 Sphere Entertainment Co. (NYSE: SPHR) (the “Company” or “Sphere Entertainment”) announced that it has completed the spin-off of its traditional live entertainment businesses and changed its name from Madison Square Garden Entertainment Corp. to Sphere Entertainment Co.
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