Sphere Entertainment (SPHR) Financials

$135.21 -2.21 (-1.61%)

Closing price 03:59 PM Eastern

Extended Trading

$134.50 -0.70 (-0.52%)

As of 07:08 PM Eastern

Annual Income Statements for Sphere Entertainment

This table shows Sphere Entertainment's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	6.90	-8.22	182	-148	-194	503	-201	33
Consolidated Net Income / (Loss)	1.89	-20	150	-167	-190	506	-201	33
Net Income / (Loss) Continuing Operations	1.89	-20	150	4.62	-138	172	-225	33
Total Pre-Tax Income	-29	-20	252	44	-168	275	-360	57
Total Operating Income	-31	-46	235	65	-166	-273	-341	-230
Total Gross Profit	989	1,049	1,436	648	610	574	1,027	1,220
Total Revenue	989	1,049	1,436	648	610	574	1,027	1,220
Operating Revenue	989	1,049	1,436	648	610	574	1,027	1,220
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	1,020	1,095	1,201	688	900	920	1,368	1,450
Selling, General & Admin Expense	273	315	433	295	420	452	433	442
Depreciation Expense	112	109	112	122	147	103	256	336
Other Operating Expenses / (Income)	635	671	790	263	320	342	548	590
Impairment Charge	0.00	0.00	106	0.00	-0.25	-6.12	121	70
Restructuring Charge	-	0.00	0.00	8.06	13	28	9.49	12
Total Other Income / (Expense), net	2.34	26	16	-21	-1.94	548	-19	287
Interest Expense	12	5.59	37	20	0.00	0.00	80	-276
Interest & Investment Income	18	37	18	3.17	3.58	12	26	13
Other Income / (Expense), net	-3.10	-6.06	35	-3.94	-5.52	537	35	-2.27
Income Tax Expense	-31	0.44	102	39	-60	103	-136	24
Net Income / (Loss) Discontinued Operations	-	-	-	-171	-52	334	24	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-5.01	-12	-32	-18	4.25	2.91	0.00	0.00
Basic Earnings per Share	$0.29	($0.35)	$5.21	($4.60)	($5.77)	$14.51	($5.68)	$0.93
Weighted Average Basic Shares Outstanding	23.99M	23.99M	34.86M	34.08M	34.26M	34.65M	35.30M	36.07M
Diluted Earnings per Share	$0.29	($0.35)	$5.20	($4.59)	($5.77)	$14.40	($5.68)	$0.74
Weighted Average Diluted Shares Outstanding	23.99M	23.99M	34.94M	34.25M	34.26M	34.93M	35.30M	45.30M
Weighted Average Basic & Diluted Shares Outstanding	-	-	24.02M	33.96M	34.25M	34.68M	35.36M	35.50M

This table shows Sphere Entertainment's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	6/30/2024	9/30/2024	6/30/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-57	537	66	-47	-105	-47	-82	152	-101	65	-1.59
Consolidated Net Income / (Loss)	-59	538	66	-47	-105	-47	-82	152	-101	65	4.46
Net Income / (Loss) Continuing Operations	-114	360	67	-71	-105	-71	-82	152	-101	65	4.46
Total Pre-Tax Income	-103	475	-23	-93	-138	-93	-102	274	-137	22	-0.38
Total Operating Income	-102	-70	-70	-71	-118	-71	-79	-50	-130	29	7.20
Total Gross Profit	162	129	118	273	228	273	281	283	263	394	386
Total Revenue	162	129	118	273	228	273	281	283	263	394	386
Operating Revenue	162	129	118	273	228	273	281	283	263	394	386
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	264	248	188	345	346	345	359	333	392	365	379
Selling, General & Admin Expense	143	110	87	107	119	107	114	113	100	115	122
Depreciation Expense	8.20	58	14	82	82	82	84	84	84	84	84
Other Operating Expenses / (Income)	94	85	84	150	140	151	158	131	137	163	170
Impairment Charge	0.00	-	-1.50	5.74	4.03	-	0.52	3.64	65	0.16	0.08
Restructuring Charge	19	1.18	3.39	0.14	0.91	0.14	1.84	0.95	5.99	2.74	3.41
Total Other Income / (Expense), net	-0.81	545	47	-22	-21	-22	-24	324	-6.99	-6.48	-7.58
Interest Expense	0.00	3.33	0.00	27	27	31	26	-320	9.40	9.08	10
Interest & Investment Income	3.37	-	4.38	7.73	7.04	-	3.88	4.08	2.74	2.80	3.95
Other Income / (Expense), net	-4.18	543	42	-2.61	-0.70	-2.61	-1.34	-0.40	-0.33	-0.20	-1.42
Income Tax Expense	11	115	-90	-22	-33	-22	-20	122	-36	-42	-4.84
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.71	0.93	-	-	-	-	0.00	-	-	-	6.05
Basic Earnings per Share	($1.64)	$15.50	$1.90	($1.31)	($2.95)	($1.34)	($2.27)	$4.18	($2.80)	$1.82	($0.04)
Weighted Average Basic Shares Outstanding	34.73M	34.65M	34.91M	35.57M	35.66M	35.30M	36.11M	36.28M	36.20M	36.07M	35.88M
Diluted Earnings per Share	($1.64)	$15.39	$1.89	($1.31)	($2.95)	($1.33)	($2.27)	$3.39	($2.80)	$2.42	($0.04)
Weighted Average Diluted Shares Outstanding	34.73M	34.93M	35.23M	35.57M	35.66M	35.30M	36.11M	44.85M	36.20M	45.30M	35.88M
Weighted Average Basic & Diluted Shares Outstanding	34.56M	34.68M	35.11M	35.14M	35.33M	35.36M	36.00M	36.00M	35.31M	35.50M	35.79M

This table details how cash moves in and out of Sphere Entertainment's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	12/31/2025
Net Change in Cash & Equivalents	-9.88	-140	-197	411	-694	-417	144	5.63
Net Cash From Operating Activities	144	101	308	-59	141	154	-20	243
Net Cash From Continuing Operating Activities	144	101	308	-59	141	154	-20	243
Net Income / (Loss) Continuing Operations	1.89	-20	150	-167	-190	506	-201	33
Consolidated Net Income / (Loss)	1.89	-20	150	-167	-190	506	-201	33
Depreciation Expense	112	109	112	122	125	103	256	336
Amortization Expense	-	1.21	2.76	6.27	8.73	5.06	24	37
Non-Cash Adjustments To Reconcile Net Income	53	16	49	42	192	-701	197	-229
Changes in Operating Assets and Liabilities, net	-23	-4.67	-5.69	-62	5.79	240	-296	66
Net Cash From Investing Activities	-170	-238	-395	-123	-804	-654	-45	-3.90
Net Cash From Continuing Investing Activities	-170	-238	-395	-123	-804	-654	-45	-3.90
Purchase of Property, Plant & Equipment	-187	-184	-455	-456	-757	-1,059	-265	-52
Acquisitions	-17	-62	-1.05	0.00	0.00	-5.95	-9.42	0.00
Purchase of Investments	-1.50	-113	-443	0.20	1.06	0.00	-0.73	0.00
Divestitures	0.00	0.00	218	0.00	0.00	523	257	0.00
Sale and/or Maturity of Investments	37	121	288	368	0.00	4.37	0.00	49
Other Investing Activities, net	0.00	0.00	-1.58	-35	-49	-116	-27	-0.31
Net Cash From Financing Activities	15	-8.62	-114	593	-30	86	210	-233
Net Cash From Continuing Financing Activities	15	-8.62	-114	593	-30	86	210	-233
Repayment of Debt	-0.69	-112	-60	-61	-770	-80	-20	-165
Repurchase of Common Equity	-	-	-294	0.00	-4.64	0.00	0.00	-50
Payment of Dividends	-4.12	-2.19	-4.06	0.00	-7.00	-121	0.00	0.00
Issuance of Debt	0.00	56	100	646	764	303	252	0.00
Other Financing Activities, net	16	44	140	8.56	-13	-16	-22	-18
Effect of Exchange Rate Changes	-	-	2.93	-	-	-	-0.77	-0.47

This table details how cash moves in and out of Sphere Entertainment's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-196	71	23	176	66	-120	-37	-109	29	123	109
Net Cash From Operating Activities	83	16	-95	46	101	-72	6.35	-59	116	180	136
Net Cash From Continuing Operating Activities	83	16	-95	46	101	-72	6.35	-59	116	180	136
Net Income / (Loss) Continuing Operations	-59	538	66	-173	-47	-47	-82	152	-101	65	4.46
Consolidated Net Income / (Loss)	-59	538	66	-173	-47	-47	-82	152	-101	65	4.46
Depreciation Expense	30	14	14	80	80	82	84	84	84	84	84
Amortization Expense	1.55	0.88	1.09	5.61	8.85	8.06	7.92	6.52	9.26	13	12
Non-Cash Adjustments To Reconcile Net Income	19	-752	24	130	19	23	22	-341	78	12	13
Changes in Operating Assets and Liabilities, net	91	215	-200	4.42	40	-139	-25	40	46	5.82	23
Net Cash From Investing Activities	-250	172	66	-66	-21	-25	-18	34	-5.06	-15	-5.01
Net Cash From Continuing Investing Activities	-250	172	66	-66	-21	-25	-18	34	-5.06	-15	-5.01
Purchase of Property, Plant & Equipment	-206	-294	-165	-66	-19	-15	-17	-15	-5.00	-15	-4.89
Other Investing Activities, net	-36	-29	-25	-	-1.70	-0.08	-0.08	-0.09	-0.06	-0.08	-0.12
Net Cash From Financing Activities	-29	-115	51	195	-13	-23	-26	-85	-81	-41	-22
Net Cash From Continuing Financing Activities	-29	-115	51	195	-13	-23	-26	-85	-81	-41	-22
Repayment of Debt	-28	-22	65	23	-21	-22	-25	-80	-15	-45	-154
Issuance of Debt	0.17	28	-	252	-	-	0.00	-	-	-	135
Other Financing Activities, net	-0.82	-1.65	-14	-80	8.21	-1.31	-1.31	-4.75	-16	3.82	-3.41
Effect of Exchange Rate Changes	-	-	-0.08	-	-	-	0.10	0.53	-0.43	-0.66	-0.09

This table presents Sphere Entertainment's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	12/31/2024	12/31/2025
Total Assets	3,316	3,734	5,290	5,522	4,973	4,515	4,210
Total Current Assets	1,347	1,427	1,873	1,219	624	761	810
Cash & Equivalents	1,082	907	1,517	760	-	-	521
Accounts Receivable	83	80	217	124	139	180	196
Prepaid Expenses	24	62	116	27	56	65	93
Plant, Property, & Equipment, net	1,349	1,660	2,156	2,158	3,307	3,036	2,711
Total Noncurrent Assets	620	647	1,261	2,146	1,042	719	689
Goodwill	166	74	502	457	457	410	345
Intangible Assets	280	214	262	21	18	28	22
Other Noncurrent Operating Assets	90	305	447	116	567	280	323
Total Liabilities & Shareholders' Equity	3,316	3,734	5,290	5,522	4,973	4,515	4,210
Total Liabilities	662	845	2,972	3,363	2,389	2,314	1,977
Total Current Liabilities	474	510	730	961	692	1,372	743
Short-Term Debt	6.04	5.43	54	66	83	829	63
Accounts Payable	43	36	50	277	516	34	25
Accrued Expenses	89	125	343	-	-	388	431
Current Deferred Revenue	187	189	210	4.32	27	92	193
Other Current Liabilities	67	85	73	6.55	67	29	31
Total Noncurrent Liabilities	188	335	2,242	2,401	1,697	942	1,233
Long-Term Debt	49	28	1,651	930	1,118	524	767
Noncurrent Deferred & Payable Income Tax Liabilities	23	12	200	144	380	149	172
Other Noncurrent Operating Liabilities	60	252	391	176	199	269	294
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,586	2,868	2,180	1,975	2,584	2,201	2,233
Total Preferred & Common Equity	2,572	2,856	2,169	1,963	2,584	2,201	2,233
Total Common Equity	2,572	2,856	2,169	1,963	2,584	2,201	2,233
Common Stock	0.00	2,766	2,295	2,302	2,377	2,429	2,470
Retained Earnings	0.00	142	-96	-291	212	-220	-186
Treasury Stock	0.00	-	-	-	-	0.00	-50
Accumulated Other Comprehensive Income / (Loss)	-47	-52	-30	-48	-4.94	-7.51	-0.78

This table presents Sphere Entertainment's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2022	9/30/2022	12/31/2022	3/31/2023	9/30/2023	12/31/2023	3/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	5,580	5,426	5,850	6,049	4,865	4,883	4,869	4,448	4,199	4,139	4,223
Total Current Assets	1,458	841	916	1,190	674	879	916	735	595	666	904
Cash & Equivalents	999	459	554	327	452	628	-	478	-	398	630
Accounts Receivable	310	202	208	214	156	204	192	192	162	181	202
Prepaid Expenses	77	180	154	146	66	47	30	65	64	87	72
Plant, Property, & Equipment, net	2,707	3,226	3,509	3,690	3,471	3,288	3,220	2,968	2,852	2,777	2,629
Total Noncurrent Assets	1,415	1,359	1,424	1,169	719	717	733	745	752	695	690
Goodwill	500	500	500	499	457	457	457	410	410	345	345
Intangible Assets	241	222	217	82	17	16	16	27	25	23	20
Other Noncurrent Operating Assets	629	637	707	588	195	193	260	308	316	327	325
Total Liabilities & Shareholders' Equity	5,580	5,426	5,850	6,049	4,865	4,883	4,869	4,448	4,199	4,139	4,223
Total Liabilities	3,321	3,322	3,641	3,877	2,229	2,418	2,425	2,306	1,885	1,983	1,975
Total Current Liabilities	965	920	964	1,400	643	1,399	1,399	1,381	527	697	743
Short-Term Debt	66	86	103	99	103	890	870	804	59	89	58
Accounts Payable	116	517	584	700	428	392	423	34	15	31	36
Accrued Expenses	310	-	-	-	-	-	-	413	347	386	427
Current Deferred Revenue	263	254	210	266	71	78	77	102	83	159	194
Other Current Liabilities	114	63	68	46	41	38	29	28	23	33	28
Total Noncurrent Liabilities	2,356	2,402	2,676	2,477	1,586	1,020	1,027	924	1,358	1,286	1,232
Long-Term Debt	1,584	1,653	1,885	1,782	1,098	521	522	525	831	786	753
Noncurrent Deferred & Payable Income Tax Liabilities	185	162	165	210	286	272	255	128	251	215	167
Other Noncurrent Operating Liabilities	517	587	625	485	202	226	250	272	277	285	313
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,122	1,919	2,019	2,034	2,636	2,465	2,444	2,142	2,314	2,155	2,248
Total Preferred & Common Equity	2,107	1,907	2,006	2,021	2,636	2,465	2,444	2,142	2,314	2,155	2,248
Total Common Equity	2,107	1,907	2,006	2,021	2,636	2,465	2,444	2,142	2,314	2,155	2,248
Common Stock	2,335	2,303	2,322	2,392	2,368	2,366	2,393	2,449	2,464	2,457	2,481
Retained Earnings	-191	-335	-268	-325	278	105	58	-302	-150	-251	-182
Treasury Stock	-	-	-	-	-	-	-	-	-	-50	-50
Accumulated Other Comprehensive Income / (Loss)	-37	-61	-49	-46	-11	-6.31	-6.97	-5.52	-0.03	-0.28	-1.14

This table displays calculated financial ratios and metrics derived from Sphere Entertainment's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	6.06%	36.91%	-54.91%	-5.78%	-5.94%	78.95%	18.81%
EBITDA Growth	0.00%	-24.18%	553.84%	-50.96%	-120.07%	1,082.33%	-106.97%	646.34%
EBIT Growth	0.00%	-50.24%	623.20%	-77.59%	-382.71%	254.07%	-215.99%	24.25%
NOPAT Growth	0.00%	-45.76%	538.97%	-95.11%	-1,793.33%	-46.99%	-40.07%	43.89%
Net Income Growth	0.00%	-1,184.42%	832.12%	-211.15%	-14.19%	365.94%	-139.68%	116.65%
EPS Growth	0.00%	-220.69%	1,585.71%	-188.27%	-25.71%	349.57%	-139.44%	113.03%
Operating Cash Flow Growth	0.00%	-29.77%	203.87%	-119.05%	340.81%	8.67%	-112.80%	1,337.90%
Free Cash Flow Firm Growth	0.00%	0.00%	96.91%	-1,722.62%	102.88%	-5,317.90%	92.07%	365.61%
Invested Capital Growth	0.00%	0.00%	13.00%	51.33%	-5.74%	46.28%	-4.21%	-16.34%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-47.60%	-51.48%	627.92%	16.35%	-1.08%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-59.62%	-117.53%	298.10%	-105.83%	340.92%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-81.92%	-340.94%	187.92%	-227.29%	33.13%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-94.98%	-198.88%	24.18%	29.30%	43.84%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-205.15%	-44.89%	485.29%	-152.30%	122.80%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	460.00%	-151.45%	114.83%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	61.63%	-198.13%	-12.55%	-11.20%	-128.68%	1,367.10%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	103.02%	-37.79%	-387.73%	33.69%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	25.15%	-19.34%	-4.49%	2.32%	-3.39%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	7.85%	5.62%	26.82%	29.17%	-6.21%	64.88%	-2.53%	11.62%
Operating Margin	-3.16%	-4.35%	16.38%	9.96%	-27.17%	-47.58%	-33.23%	-18.82%
EBIT Margin	-3.48%	-4.92%	18.82%	9.36%	-28.07%	45.98%	-29.80%	-19.00%
Profit (Net Income) Margin	0.19%	-1.95%	10.43%	-25.72%	-31.17%	88.12%	-19.54%	2.74%
Tax Burden Percent	-6.52%	102.21%	59.57%	-382.54%	113.40%	183.60%	55.70%	58.39%
Interest Burden Percent	84.18%	38.75%	93.06%	71.86%	97.91%	104.39%	117.70%	-24.68%
Effective Tax Rate	0.00%	0.00%	40.43%	89.38%	0.00%	37.54%	0.00%	41.62%
Return on Invested Capital (ROIC)	0.00%	-4.49%	9.24%	0.34%	-4.91%	-6.04%	-7.27%	-4.80%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-6.35%	8.47%	30.10%	-64.25%	143.20%	-2.40%	24.40%
Return on Net Nonoperating Assets (RNNOA)	0.00%	2.94%	-3.84%	-6.74%	-3.58%	27.36%	-0.76%	6.31%
Return on Equity (ROE)	0.00%	-1.54%	5.41%	-6.40%	-8.49%	21.32%	-8.03%	1.51%
Cash Return on Invested Capital (CROIC)	0.00%	-204.49%	-2.96%	-40.51%	1.00%	-43.62%	-2.97%	12.99%
Operating Return on Assets (OROA)	0.00%	-1.56%	7.67%	1.34%	-3.17%	5.03%	-6.27%	-5.31%
Return on Assets (ROA)	0.00%	-0.62%	4.25%	-3.69%	-3.52%	9.64%	-4.11%	0.77%
Return on Common Equity (ROCE)	0.00%	-1.50%	5.29%	-6.17%	-7.84%	20.44%	-8.03%	1.51%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-0.80%	5.25%	-7.68%	-9.69%	19.57%	-8.31%	0.00%
Net Operating Profit after Tax (NOPAT)	-22	-32	140	6.85	-116	-171	-239	-134
NOPAT Margin	-2.21%	-3.04%	9.76%	1.06%	-19.02%	-29.72%	-23.26%	-10.99%
Net Nonoperating Expense Percent (NNEP)	0.00%	1.86%	0.77%	-29.76%	59.34%	-149.24%	-4.87%	-29.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-4.37%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	27.60%	29.99%	30.17%	45.63%	68.81%	78.79%	42.15%	36.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	103.16%	104.35%	83.62%	106.31%	147.60%	160.24%	133.23%	118.82%
Earnings before Interest and Taxes (EBIT)	-34	-52	270	61	-171	264	-306	-232
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	78	59	385	189	-38	372	-26	142
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.63	0.94	0.92	0.37	0.51	1.50
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.70	1.44	1.21	0.45	0.65	1.80
Price to Revenue (P/Rev)	0.00	0.00	1.25	3.13	2.95	1.65	1.21	2.75
Price to Earnings (P/E)	0.00	0.00	9.91	0.00	0.00	1.88	0.00	100.51
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	10.09%	0.00%	0.00%	53.12%	0.00%	0.99%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.34	0.94	0.96	0.51	0.63	1.44
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.39	3.54	3.59	2.99	1.98	3.01
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	1.44	12.14	0.00	4.62	0.00	25.87
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	2.05	37.85	0.00	6.51	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	3.95	334.66	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	1.80	0.00	15.51	11.19	0.00	15.07
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	92.81	0.00	0.00	10.12
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.02	0.01	0.74	0.46	0.46	0.57	0.37
Long-Term Debt to Equity	0.00	0.02	0.01	0.71	0.43	0.43	0.22	0.34
Financial Leverage	0.00	-0.46	-0.45	-0.22	0.06	0.19	0.31	0.26
Leverage Ratio	0.00	1.25	1.27	1.73	2.41	2.21	1.95	1.97
Compound Leverage Factor	0.00	0.48	1.18	1.25	2.36	2.31	2.30	-0.49
Debt to Total Capital	0.00%	2.02%	1.15%	42.37%	31.55%	31.73%	36.23%	27.11%
Short-Term Debt to Total Capital	0.00%	0.22%	0.19%	1.34%	2.09%	2.18%	22.43%	2.06%
Long-Term Debt to Total Capital	0.00%	1.79%	0.96%	41.03%	29.46%	29.55%	13.80%	25.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	3.01%	1.12%	3.72%	6.22%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	94.98%	97.73%	53.90%	62.22%	68.27%	63.77%	72.89%
Debt to EBITDA	0.00	0.93	0.09	9.03	-26.27	3.23	-52.89	5.86
Net Debt to EBITDA	0.00	-20.89	-3.33	0.61	-5.14	2.07	-30.80	2.18
Long-Term Debt to EBITDA	0.00	0.82	0.07	8.74	-24.53	3.00	-20.15	5.41
Debt to NOPAT	0.00	-1.71	0.24	248.80	-8.58	-7.04	-5.74	-6.20
Net Debt to NOPAT	0.00	38.55	-9.14	16.84	-1.68	-4.53	-3.34	-2.31
Long-Term Debt to NOPAT	0.00	-1.52	0.20	240.92	-8.01	-6.56	-2.19	-5.73
Altman Z-Score	0.00	0.00	2.25	0.80	0.31	0.57	0.19	1.08
Noncontrolling Interest Sharing Ratio	0.00%	3.07%	2.06%	3.51%	7.73%	4.14%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	2.84	2.80	2.57	1.27	0.90	0.63	1.09
Quick Ratio	0.00	2.69	2.60	2.38	0.92	0.20	0.17	0.97
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,455	-45	-819	24	-1,232	-98	362
Operating Cash Flow to CapEx	77.06%	55.11%	67.68%	-12.87%	18.68%	14.50%	-7.43%	464.87%
Free Cash Flow to Firm to Interest Expense	0.00	-260.45	-1.23	-40.49	0.00	0.00	-1.22	0.00
Operating Cash Flow to Interest Expense	11.88	18.15	8.43	-2.90	0.00	0.00	-0.25	0.00
Operating Cash Flow Less CapEx to Interest Expense	-3.54	-14.78	-4.02	-25.46	0.00	0.00	-3.56	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.32	0.41	0.14	0.11	0.11	0.21	0.28
Accounts Receivable Turnover	0.00	12.67	17.62	4.36	3.58	4.37	5.46	6.48
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.78	0.95	0.34	0.28	0.21	0.32	0.42
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	28.80	20.72	83.65	101.86	83.54	66.88	56.31
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	28.80	20.72	83.65	101.86	83.54	66.88	56.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	1,423	1,608	2,434	2,294	3,356	3,214	2,542
Invested Capital Turnover	0.00	1.47	0.95	0.32	0.26	0.20	0.31	0.44
Increase / (Decrease) in Invested Capital	0.00	1,423	185	825	-140	1,062	-141	-496
Enterprise Value (EV)	0.00	0.00	554	2,293	2,192	1,718	2,038	3,667
Market Capitalization	0.00	0.00	1,801	2,028	1,800	947	1,239	3,358
Book Value per Share	$0.00	$107.20	$118.90	$89.80	$57.38	$74.77	$68.38	$63.24
Tangible Book Value per Share	$0.00	$88.64	$106.89	$58.15	$43.42	$61.03	$54.16	$52.86
Total Capital	0.00	2,708	2,922	4,023	3,155	3,785	3,788	3,064
Total Debt	0.00	55	34	1,705	996	1,201	1,372	830
Total Long-Term Debt	0.00	49	28	1,651	930	1,118	523	767
Net Debt	0.00	-1,230	-1,281	115	195	772	799	309
Capital Expenditures (CapEx)	187	184	455	456	757	1,059	265	52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-322	-340	-343	-437	-415	-232	-391
Debt-free Net Working Capital (DFNWC)	0.00	879	922	1,197	324	14	341	130
Net Working Capital (NWC)	0.00	873	917	1,143	258	-68	-508	67
Net Nonoperating Expense (NNE)	-24	-11	-9.70	173	74	-676	-38	-167
Net Nonoperating Obligations (NNO)	0.00	-1,230	-1,281	115	134	772	799	309
Total Depreciation and Amortization (D&A)	112	111	115	128	133	108	280	374
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-30.67%	-23.64%	-52.99%	-71.59%	-72.29%	-22.57%	-32.09%
Debt-free Net Working Capital to Revenue	0.00%	83.78%	64.20%	184.84%	53.04%	2.49%	33.25%	10.64%
Net Working Capital to Revenue	0.00%	83.20%	63.82%	176.50%	42.22%	-11.89%	-49.47%	5.48%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.72	$0.00	($5.77)	$14.51	($5.68)	$0.93
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	24.00M	0.00	34.26M	34.65M	35.30M	36.07M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.72	$0.00	($5.77)	$14.40	($5.68)	$0.74
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	24.02M	0.00	34.26M	34.93M	35.30M	45.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.72	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	24.02M	0.00	34.25M	34.68M	35.36M	35.50M
Normalized Net Operating Profit after Tax (NOPAT)	-22	-32	60	51	-107	-157	-147	-87
Normalized NOPAT Margin	-2.21%	-3.04%	4.16%	7.85%	-17.51%	-27.35%	-14.33%	-7.10%
Pre Tax Income Margin	-2.93%	-1.91%	17.51%	6.72%	-27.49%	48.00%	-35.08%	4.69%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.83	-9.25	7.39	3.00	0.00	0.00	-3.83	0.00
NOPAT to Interest Expense	-1.80	-5.71	3.83	0.34	0.00	0.00	-2.99	0.00
EBIT Less CapEx to Interest Expense	-18.25	-42.18	-5.06	-19.56	0.00	0.00	-7.15	0.00
NOPAT Less CapEx to Interest Expense	-17.22	-38.65	-8.62	-22.21	0.00	0.00	-6.31	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	218.55%	-10.68%	2.71%	0.00%	-3.68%	23.93%	0.00%	0.00%
Augmented Payout Ratio	218.55%	-10.68%	198.64%	0.00%	-6.12%	23.93%	0.00%	149.75%

This table displays calculated financial ratios and metrics derived from Sphere Entertainment's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,502,120.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,502,120.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-54.03%	123.33%	-4.16%	96.91%	98.28%	111.77%	137.76%	3.40%	15.18%	-3.26%	37.72%
EBITDA Growth	-358.78%	770.55%	39.99%	-263.11%	160.81%	-96.63%	199.59%	-55.59%	-25.39%	270.22%	737.99%
EBIT Growth	-1,055.52%	616.62%	46.39%	-214.76%	58.86%	-115.66%	-189.74%	31.67%	-9.92%	133.34%	107.23%
NOPAT Growth	-11,799.89%	35.82%	-36.69%	-221.07%	60.36%	6.25%	-12.64%	44.33%	-10.29%	244.53%	109.16%
Net Income Growth	-203.30%	642.03%	250.82%	-345.54%	19.32%	-108.66%	-223.38%	425.88%	3.88%	156.19%	105.44%
EPS Growth	-221.57%	611.30%	245.38%	-351.79%	18.90%	-108.64%	-220.11%	358.78%	5.08%	173.11%	98.24%
Operating Cash Flow Growth	411.68%	-55.13%	-16.58%	-65.92%	21.92%	-559.43%	106.71%	-147.93%	239.66%	318.89%	2,046.20%
Free Cash Flow Firm Growth	17.60%	-2,069.96%	100.07%	131.06%	146.39%	108.18%	42,142.71%	-14.98%	44.73%	123.91%	98.36%
Invested Capital Growth	23.53%	46.28%	-1.46%	-12.22%	-10.58%	-4.21%	-10.26%	-11.38%	-16.23%	-16.34%	-18.86%
Revenue Q/Q Growth	1.58%	-20.34%	-8.59%	166.22%	2.28%	-14.92%	2.63%	0.75%	-7.13%	50.20%	-2.00%
EBITDA Q/Q Growth	-258.03%	757.77%	-102.51%	-513.66%	159.96%	-63.60%	-25.64%	226.85%	-191.99%	444.45%	-19.09%
EBIT Q/Q Growth	-107.65%	545.38%	-105.84%	-482.80%	72.86%	-69.51%	-8.05%	36.76%	-157.21%	122.09%	-79.88%
NOPAT Q/Q Growth	-104.90%	25.29%	8.34%	-128.81%	74.70%	-76.71%	-10.13%	49.45%	-226.43%	191.87%	-93.96%
Net Income Q/Q Growth	-182.99%	1,018.32%	-87.65%	-360.82%	72.73%	1.38%	-75.92%	285.25%	-166.66%	163.97%	-93.11%
EPS Q/Q Growth	-184.10%	1,038.41%	-87.72%	-359.79%	72.91%	0.00%	-70.68%	249.34%	-182.60%	186.43%	-101.65%
Operating Cash Flow Q/Q Growth	-39.14%	-80.97%	-700.25%	149.03%	117.70%	-171.71%	108.76%	-1,030.36%	296.14%	55.58%	-24.40%
Free Cash Flow Firm Q/Q Growth	31.00%	-50.54%	100.06%	48,954.82%	3.03%	-73.46%	214.89%	17.04%	24.68%	38.41%	-1.79%
Invested Capital Q/Q Growth	-3.56%	-4.49%	-0.62%	-4.10%	-1.77%	2.32%	-6.90%	-5.30%	-7.14%	-3.39%	-4.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-45.73%	377.63%	-10.38%	-23.93%	14.03%	6.00%	4.35%	14.11%	-13.97%	32.04%	26.46%
Operating Margin	-62.88%	-54.49%	-59.14%	-50.83%	-12.57%	-26.11%	-28.02%	-17.74%	-49.41%	7.34%	1.86%
EBIT Margin	-65.46%	365.99%	-23.38%	-51.19%	-13.58%	-27.06%	-28.49%	-17.89%	-49.54%	7.29%	1.50%
Profit (Net Income) Margin	-36.13%	416.52%	56.29%	-55.15%	-14.70%	-17.04%	-29.21%	53.71%	-38.55%	16.42%	1.15%
Tax Burden Percent	57.01%	113.28%	-286.13%	95.87%	74.85%	49.99%	80.13%	55.46%	74.02%	288.45%	-1,170.60%
Interest Burden Percent	96.82%	100.47%	84.13%	112.38%	144.59%	125.94%	127.93%	-541.46%	105.12%	78.14%	-6.59%
Effective Tax Rate	0.00%	24.24%	0.00%	0.00%	0.00%	0.00%	0.00%	44.54%	0.00%	-188.45%	0.00%
Return on Invested Capital (ROIC)	0.00%	-8.39%	-7.01%	-7.52%	-2.33%	-5.71%	-7.37%	-3.91%	-14.78%	9.25%	0.64%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	122.05%	4.64%	-13.20%	-4.19%	-5.28%	-10.85%	24.76%	-16.55%	5.99%	0.53%
Return on Net Nonoperating Assets (RNNOA)	0.00%	23.32%	1.94%	-6.12%	-1.85%	-1.66%	-3.52%	6.49%	-4.23%	1.55%	0.12%
Return on Equity (ROE)	-5.92%	14.93%	-5.07%	-13.64%	-4.19%	-7.37%	-10.89%	2.58%	-19.01%	10.80%	0.76%
Cash Return on Invested Capital (CROIC)	-28.13%	-43.62%	-6.78%	3.27%	1.02%	-2.97%	3.07%	4.43%	9.39%	12.99%	16.83%
Operating Return on Assets (OROA)	0.00%	40.02%	-2.58%	-6.90%	-2.20%	-5.69%	-7.28%	-4.72%	-13.57%	2.04%	0.46%
Return on Assets (ROA)	0.00%	45.55%	6.22%	-7.43%	-2.38%	-3.59%	-7.46%	14.18%	-10.56%	4.59%	0.35%
Return on Common Equity (ROCE)	-5.52%	14.31%	-4.86%	-13.05%	-4.05%	-7.37%	-10.89%	2.58%	-19.01%	10.80%	0.76%
Return on Equity Simple (ROE_SIMPLE)	-6.50%	0.00%	23.38%	15.10%	15.70%	0.00%	-16.29%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-71	-53	-49	-112	-28	-50	-55	-28	-91	83	5.04
NOPAT Margin	-44.02%	-41.28%	-41.40%	-35.58%	-8.80%	-18.28%	-19.61%	-9.84%	-34.59%	21.16%	1.30%
Net Nonoperating Expense Percent (NNEP)	-1.33%	-130.44%	-11.65%	5.67%	1.86%	-0.43%	3.48%	-28.67%	1.77%	3.26%	0.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-0.74%	-	-1.59%	-0.87%	-3.00%	2.72%	0.16%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	88.51%	84.94%	73.85%	36.77%	38.32%	39.15%	40.73%	39.98%	37.98%	29.15%	31.50%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	162.88%	192.47%	159.14%	150.83%	112.57%	126.11%	128.02%	117.74%	149.41%	92.66%	98.14%
Earnings before Interest and Taxes (EBIT)	-106	472	-28	-161	-44	-74	-80	-51	-130	29	5.78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-74	488	-12	-75	45	16	12	40	-37	126	102
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.01	0.37	0.49	0.48	0.71	0.51	0.55	0.65	1.04	1.50	1.85
Price to Tangible Book Value (P/TBV)	1.42	0.45	0.60	0.60	0.87	0.65	0.69	0.80	1.25	1.80	2.21
Price to Revenue (P/Rev)	0.00	1.65	2.27	1.65	1.95	1.21	0.98	1.26	1.81	2.75	3.14
Price to Earnings (P/E)	0.00	1.88	2.10	3.20	4.51	0.00	0.00	0.00	0.00	100.51	36.64
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	53.12%	47.64%	31.29%	22.19%	0.00%	0.00%	0.00%	0.00%	0.99%	2.73%
Enterprise Value to Invested Capital (EV/IC)	1.07	0.51	0.60	0.60	0.77	0.63	0.68	0.71	1.03	1.44	1.79
Enterprise Value to Revenue (EV/Rev)	0.00	2.99	3.49	2.66	2.74	1.98	1.70	1.69	2.20	3.01	3.28
Enterprise Value to EBITDA (EV/EBITDA)	0.00	4.62	5.22	5.91	5.44	0.00	0.00	0.00	0.00	25.87	18.76
Enterprise Value to EBIT (EV/EBIT)	0.00	6.51	6.91	10.82	10.08	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	21.66	11.19	14.18	38.21	35.34	0.00	24.86	0.00	0.00	15.07	11.65
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	17.21	71.33	0.00	20.82	15.15	10.01	10.12	9.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.87	0.46	0.46	0.57	0.57	0.57	0.62	0.38	0.41	0.37	0.36
Long-Term Debt to Equity	0.82	0.43	0.42	0.21	0.21	0.22	0.24	0.36	0.36	0.34	0.33
Financial Leverage	0.43	0.19	0.42	0.46	0.44	0.31	0.32	0.26	0.26	0.26	0.23
Leverage Ratio	2.62	2.21	2.17	2.30	2.37	1.95	1.95	1.90	1.96	1.97	1.98
Compound Leverage Factor	2.54	2.22	1.83	2.58	3.42	2.46	2.49	-10.29	2.06	1.54	-0.13
Debt to Total Capital	46.39%	31.73%	31.31%	36.41%	36.29%	36.23%	38.28%	27.77%	28.87%	27.11%	26.50%
Short-Term Debt to Total Capital	2.44%	2.18%	2.69%	22.96%	22.68%	22.43%	23.17%	1.84%	2.93%	2.06%	1.89%
Long-Term Debt to Total Capital	43.96%	29.55%	28.62%	13.45%	13.61%	13.80%	15.12%	25.93%	25.94%	25.05%	24.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.85%	68.27%	68.69%	63.59%	63.71%	63.77%	61.72%	72.23%	71.13%	72.89%	73.50%
Debt to EBITDA	-10.01	3.23	3.16	4.33	3.13	-52.89	-889.43	-17.30	-14.87	5.86	3.50
Net Debt to EBITDA	-8.27	2.07	1.84	2.25	1.57	-30.80	-569.35	-10.12	-8.10	2.18	0.78
Long-Term Debt to EBITDA	-9.48	3.00	2.89	1.60	1.17	-20.15	-351.19	-16.16	-13.36	5.41	3.25
Debt to NOPAT	-8.36	-7.04	-4.33	-4.23	-4.12	-5.74	-5.42	-3.86	-3.67	-6.20	-7.49
Net Debt to NOPAT	-6.91	-4.53	-2.52	-2.20	-2.07	-3.34	-3.47	-2.26	-2.00	-2.31	-1.67
Long-Term Debt to NOPAT	-7.92	-6.56	-3.96	-1.56	-1.55	-2.19	-2.14	-3.61	-3.29	-5.73	-6.95
Altman Z-Score	0.12	0.71	0.53	0.24	0.48	0.35	0.24	0.69	0.78	1.29	1.57
Noncontrolling Interest Sharing Ratio	6.88%	4.14%	4.17%	4.35%	3.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.85	0.90	1.05	0.63	0.66	0.63	0.53	1.13	0.96	1.09	1.22
Quick Ratio	0.39	0.20	0.95	0.59	0.14	0.17	0.49	0.31	0.83	0.97	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-741	-1,115	0.68	333	344	91	287	336	419	580	570
Operating Cash Flow to CapEx	40.28%	5.35%	-57.38%	70.82%	519.00%	-490.74%	36.29%	-403.08%	2,319.08%	1,185.03%	2,786.68%
Free Cash Flow to Firm to Interest Expense	0.00	-334.51	0.00	12.91	12.67	2.91	10.96	0.00	44.58	63.87	56.33
Operating Cash Flow to Interest Expense	0.00	4.73	0.00	1.80	3.73	-2.31	0.24	0.00	12.32	19.85	13.48
Operating Cash Flow Less CapEx to Interest Expense	0.00	-83.62	0.00	-0.74	3.01	-2.79	-0.43	0.00	11.79	18.18	12.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.11	0.11	0.13	0.16	0.21	0.26	0.26	0.27	0.28	0.31
Accounts Receivable Turnover	0.00	4.37	3.17	3.51	4.34	5.46	6.83	6.55	6.61	6.48	6.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.21	0.17	0.21	0.26	0.32	0.37	0.39	0.41	0.42	0.47
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	83.54	114.99	104.07	84.02	66.88	53.43	55.75	55.21	56.31	54.22
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	83.54	114.99	104.07	84.02	66.88	53.43	55.75	55.21	56.31	54.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,513	3,356	3,335	3,198	3,141	3,214	2,993	2,834	2,632	2,542	2,428
Invested Capital Turnover	0.00	0.20	0.17	0.21	0.27	0.31	0.38	0.40	0.43	0.44	0.49
Increase / (Decrease) in Invested Capital	669	1,062	-50	-445	-372	-141	-342	-364	-510	-496	-565
Enterprise Value (EV)	3,747	1,718	1,988	1,925	2,423	2,038	2,022	2,025	2,713	3,667	4,348
Market Capitalization	2,041	947	1,289	1,192	1,725	1,239	1,171	1,505	2,236	3,358	4,168
Book Value per Share	$58.48	$74.77	$76.01	$70.21	$69.54	$68.38	$59.85	$64.27	$59.86	$63.24	$63.32
Tangible Book Value per Share	$41.65	$61.03	$62.34	$56.74	$56.10	$54.16	$47.64	$52.18	$49.64	$52.86	$53.04
Total Capital	4,053	3,785	3,837	3,877	3,835	3,788	3,471	3,203	3,030	3,064	3,058
Total Debt	1,880	1,201	1,201	1,412	1,392	1,372	1,329	889	875	830	810
Total Long-Term Debt	1,782	1,118	1,098	521	522	523	525	831	786	767	753
Net Debt	1,553	772	699	733	698	799	851	520	477	309	180
Capital Expenditures (CapEx)	206	294	165	66	19	15	17	15	5.00	15	4.89
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-438	-415	-318	-258	-307	-232	-320	-242	-340	-391	-412
Debt-free Net Working Capital (DFNWC)	-111	14	134	370	387	341	158	127	58	130	219
Net Working Capital (NWC)	-210	-68	31	-520	-483	-508	-646	68	-31	67	161
Net Nonoperating Expense (NNE)	-13	-591	-115	61	19	-3.38	27	-180	10	19	0.58
Net Nonoperating Obligations (NNO)	1,341	772	699	733	698	799	851	520	477	309	180
Total Depreciation and Amortization (D&A)	32	15	15	86	89	90	92	90	93	98	96
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-72.29%	-55.83%	-35.61%	-34.75%	-22.57%	-26.91%	-20.16%	-27.59%	-32.09%	-31.04%
Debt-free Net Working Capital to Revenue	0.00%	2.49%	23.60%	51.18%	43.87%	33.25%	13.30%	10.62%	4.70%	10.64%	16.49%
Net Working Capital to Revenue	0.00%	-11.89%	5.47%	-71.87%	-54.67%	-49.47%	-54.31%	5.71%	-2.50%	5.48%	12.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.64)	$15.50	$1.90	($4.91)	($1.33)	($1.34)	($2.27)	$4.18	($2.80)	$1.82	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	34.73M	34.65M	34.91M	35.31M	35.42M	35.30M	36.11M	36.28M	36.20M	36.07M	35.88M
Adjusted Diluted Earnings per Share	($1.64)	$15.39	$1.89	($4.91)	($1.33)	($1.33)	($2.27)	$3.39	($2.80)	$2.42	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	34.73M	34.93M	35.23M	35.31M	35.42M	35.30M	36.11M	44.85M	36.20M	45.30M	35.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	34.56M	34.68M	35.11M	35.14M	35.33M	35.36M	36.00M	36.00M	35.31M	35.50M	35.79M
Normalized Net Operating Profit after Tax (NOPAT)	-58	-52	-48	-29	-25	-50	-53	-25	-41	22	7.49
Normalized NOPAT Margin	-35.95%	-40.59%	-40.27%	-9.17%	-7.78%	-18.24%	-19.02%	-8.94%	-15.54%	5.65%	1.94%
Pre Tax Income Margin	-63.38%	367.70%	-19.67%	-57.52%	-19.64%	-34.08%	-36.45%	96.84%	-52.08%	5.69%	-0.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	141.76	0.00	-6.23	-1.61	-2.36	-3.05	0.00	-13.84	3.16	0.57
NOPAT to Interest Expense	0.00	-15.99	0.00	-4.33	-1.04	-1.60	-2.10	0.00	-9.66	9.19	0.50
EBIT Less CapEx to Interest Expense	0.00	53.41	0.00	-8.76	-2.33	-2.84	-3.72	0.00	-14.37	1.49	0.09
NOPAT Less CapEx to Interest Expense	0.00	-104.34	0.00	-6.86	-1.76	-2.07	-2.77	0.00	-10.19	7.51	0.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-6.64%	23.93%	0.00%	32.14%	31.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-6.64%	23.93%	0.00%	32.14%	31.09%	0.00%	0.00%	0.00%	-34.15%	149.75%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Sphere Entertainment's latest quarterly results, with a focus on trends over the last several quarters in 2025 and context from 2024–2023 where relevant.

Q4 2025 net income attributable to common shareholders: $64,739,000 (positive quarterly profit).
Q4 2025 diluted earnings per share: $2.42, signaling strong per‑share profitability for the quarter.
Q4 2025 operating income: $28,921,000, marking a move back into an positive operating result after softer quarters earlier in 2025.
Q4 2025 net cash from continuing operating activities: $180,219,000, showing solid cash generation from core operations in the quarter.
Q4 2025 revenue: $394,283,000, up roughly 44% year over year from Q4 2024 ($273,395,000), signaling a notable top‑line improvement.

Q4 2025 gross margin appears to be 100% (gross profit equals revenue) due to a zero cost of revenue in the quarter, which may reflect data timing or a one‑time item rather than a typical margin profile.
Weighted average shares outstanding show a relatively stable base in the period: basic ~36.07 million and diluted ~45.30 million, suggesting some potential dilution effects from equity incentives.
Balance sheet snapshot around this period indicates total assets near $4.14–4.20 billion and total liabilities around $1.98 billion, implying a modestly levered but stable capital structure.

Q3 2025 net income attributable to common shareholders was negative: -$101,196,000, underscoring profitability volatility within 2025.
Q2 2025 net cash from continuing operating activities was negative: -$59,059,000, indicating cash generation challenges in that quarter.
Financing activities showed cash outflows in every 2025 quarter (for example, Q4 2025: -$41,265,000; Q3 2025: -$81,021,000; Q2 2025: -$84,752,000; Q1 2025: -$26,307,000), highlighting ongoing external cash outflows tied to debt management and financing decisions.

05/19/26 09:50 PM ETAI Generated. May Contain Errors.

Sphere Entertainment Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Sphere Entertainment's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Sphere Entertainment's net income appears to be on an upward trend, with a most recent value of $33.41 million in 2025, rising from $1.89 million in 2018. The previous period was -$200.65 million in 2024. Find out what analysts predict for Sphere Entertainment in the coming months.

Sphere Entertainment's total operating income in 2025 was -$229.56 million, based on the following breakdown:

Total Gross Profit: $1.22 billion
Total Operating Expenses: $1.45 billion

Over the last 7 years, Sphere Entertainment's total revenue changed from $988.99 million in 2018 to $1.22 billion in 2025, a change of 23.4%.

Sphere Entertainment's total liabilities were at $1.98 billion at the end of 2025, a 14.6% decrease from 2024, and a 198.5% increase since 2019.

In the past 6 years, Sphere Entertainment's cash and equivalents has ranged from $0.00 in 2023 to $1.52 billion in 2021, and is currently $521.26 million as of their latest financial filing in 2025.

Over the last 7 years, Sphere Entertainment's book value per share changed from 0.00 in 2018 to 63.24 in 2025, a change of 6,323.9%.

Related Companies

Financial statements for NYSE:SPHR last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Sphere Entertainment (SPHR) Financials

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Sphere Entertainment (SPHR) Financials

Annual Income Statements for Sphere Entertainment

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Quarterly Cash Flow Statements for Sphere Entertainment

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Quarterly Metrics And Ratios for Sphere Entertainment

Financials Breakdown Chart

Key Financial Trends

Sphere Entertainment Financials - Frequently Asked Questions

When does Sphere Entertainment's fiscal year end?

How has Sphere Entertainment's net income changed over the last 7 years?

What is Sphere Entertainment's operating income?

How has Sphere Entertainment's revenue changed over the last 7 years?

How much debt does Sphere Entertainment have?

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How has Sphere Entertainment's book value per share changed over the last 7 years?

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