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Sphere Entertainment (SPHR) investor relations material
Sphere Entertainment Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary11 Aug, 2025
Executive summary
Q2 2025 revenue increased 3% year-over-year to $282.7M, with net income of $151.8M versus a net loss of $46.6M in Q2 2024, driven by a $346.1M gain on extinguishment of debt.
Sphere segment growth was fueled by more concert residencies, corporate events, and original content, while MSG Networks faced revenue declines due to subscriber losses and a temporary carriage lapse.
The company finalized a franchise agreement for Sphere Abu Dhabi, expanding its international footprint and securing new royalty and service revenue streams.
Over 120,000 tickets sold for The Wizard of Oz, with expectations to reach 200,000 by opening; Sphere Experience surpassed four million tickets sold since October 2023.
CEO highlighted progress on strategic priorities, including global expansion and a capital-light, franchise approach for smaller venues.
Financial highlights
Q2 2025 revenue rose to $282.7M from $273.4M year-over-year; adjusted operating income was $61.5M, up 140% year-over-year.
Sphere segment revenues grew 16% year-over-year to $175.6M, driven by more events and corporate bookings.
MSG Networks revenues fell 12% to $107.1M, mainly due to a 13% drop in subscribers and fewer live sports telecasts.
Net income for Q2 2025 was $151.8M, compared to a net loss of $46.6M in Q2 2024, aided by a $346.1M gain on extinguishment of debt.
Cash and equivalents at June 30, 2025 were $368.9M, down from $515.6M at year-end 2024.
Outlook and guidance
Management expects Sphere Las Vegas to generate substantial annual revenue and AOI over time, but notes uncertainty around the popularity of new immersive productions.
MSG Networks is expected to continue facing subscriber declines, impacting future revenue and AOI.
The company will continue to explore additional domestic and international Sphere venues, leveraging joint ventures and franchise models.
Continued focus on building a recurring revenue base through sponsorships, advertising, and diversified event programming.
Forward-looking statements caution that actual results may differ due to risks and uncertainties.
Why did Sphere Experience revenues decrease?
Assess MSG Networks' credit restructuring impact.
Explain the increase in Sphere's event revenues.
Assess Wizard of Oz ticket presales vs. Postcard.
What is the long-term vision for concert residencies?
Elaborate on the MSG Networks strategic transaction.
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Next Sphere Entertainment earnings date
Q3 202512 Nov, 2025
Next Sphere Entertainment earnings date
Q3 202512 Nov, 2025
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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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