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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sphere Entertainment
Sphere Entertainment (SPHR) investor relations material
Sphere Entertainment Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue rose 4% YoY to $274.260M and adjusted operating income (AOI) rose 8% to $39.152M; operating loss widened to $240.571M and attributable net loss to $176.038M.
Nine-month revenue rose 18% to $974.311M and AOI increased 50% to $200.052M; attributable net loss of $216.419M included a $177.553M MSG Networks goodwill impairment.
Financial highlights
Q3 interest expense fell to $8.011M from $9.399M; nine-month expense fell to $24.323M from $61.467M, primarily reflecting troubled-debt restructuring accounting for MSG Networks.
Nine-month operating cash flow was $159.468M versus $63.127M; net capital expenditures were $62.758M versus $37.139M.
Q3 basic and diluted loss per share were $4.84 versus $3.47; nine-month diluted loss per share was $5.99 versus $1.54.
SG&A was $98.3M, up $5.6M YoY, primarily from employee compensation and benefits; lower stock price-related award mark-to-market adjustments partly offset the increase.
Outlook and guidance
Las Vegas Sphere growth is expected in 2027, driven by utilization, tickets per event, residencies, sponsorship and new content; management expects a strong fourth and first quarter after weaker-than-expected summer demand.
A new U.S. Sphere project announcement was expected during the quarter; three to four Sphere Experiences are expected to be playing by end-2027.
Rocky Horror is in production and expected to debut by end-March 2027; Metallica has 24 residency concerts scheduled through March 2027, with Backstreet Boys and Eagles residencies expanded to 63 and 74 nights.
Sphere Abu Dhabi construction is expected to finish by end-2029; National Harbor development remains subject to definitive agreements, incentives and approvals.
Liquidity is expected to cover operations and debt service for the foreseeable future, partly dependent on significant positive Sphere cash flow; a shortfall could prompt cost reductions and capital spending or investment deferrals.
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Latest events from Sphere Entertainment
- Q2 2026 revenue grew 11% to $313.6M, led by Sphere segment and global expansion plans.SPHR
Q2 2026 - Q1 2026 revenue up 38% to $386.4M, Sphere segment up 69%, net income positive.SPHRQ1 2026
- Proxy covers director elections, auditor ratification, and performance-based executive pay, with Dolan control.SPHRProxy filing
- Annual meeting to vote on directors, auditor, and executive pay, all board-recommended.SPHRProxy filing
- Q4 revenue up 28% year-over-year, Sphere segment surges 62% on The Wizard of Oz success.SPHRQ4 2025
- Q3 2025 revenue up 15%, Sphere and The Wizard of Oz drive growth, MSG Networks restructures.SPHRQ3 2025
- Q1 revenue nearly doubled to $228M, but net loss widened; MSG Networks faces refinancing risk.SPHRQ1 2025
- Q4 revenue hit $273.4M, with growth from Sphere events amid MSG Networks' refinancing risk.SPHRQ4 2024
- Q1 2025 revenue fell 13% to $280.6M, net loss widened, and MSG Networks restructured $804M debt.SPHRQ1 2025
Next Sphere Entertainment earnings date
Q4 202612 Feb, 2027
Sphere Entertainment
Next Sphere Entertainment earnings date
Q4 202612 Feb, 2027
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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.