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SPHR

Sphere Entertainment Co.

SPHR

Sphere Entertainment Co. • NYSE
$84.59 ▲ 2.06% (+1.71)
Market Cap $3.07 B
52w High $84.78
52w Low $23.89
Dividend Yield 0%
P/E -8.64
Volume 237.46K
Outstanding Shares 36.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $282.677M ▲ $201.518M ▲ $151.816M ▲ 53.707% ▲ $4.18 ▲ $389.37M ▲
Q3-2024 $280.574M ▼ $200.86M ▲ $-81.954M ▲ -29.209% ▲ $-2.27 ▲ $8.158M ▲
Q2-2024 $308.29M ▲ $127.729M ▼ $-125.95M ▼ -40.854% ▲ $-3.49 ▼ $-44.985M ▼
Q1-2024 $227.913M ▼ $205.836M ▲ $-105.283M ▼ -46.194% ▼ $-2.95 ▼ $-29.362M ▼
Q4-2023 $273.395M $200.977M $-46.586M -17.04% $-1.31 $16.076M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $368.927M ▼ $4.199B ▼ $1.885B ▼ $2.314B ▲
Q3-2024 $465.017M ▼ $4.448B ▼ $2.306B ▼ $2.142B ▼
Q2-2024 $515.633M ▼ $4.515B ▼ $2.314B ▲ $2.201B ▼
Q1-2024 $539.63M ▼ $4.593B ▼ $2.278B ▼ $2.314B ▼
Q4-2023 $559.757M $4.788B $2.372B $2.416B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $61.826M ▲ $-59.059M ▼ $34.011M ▲ $-84.752M ▼ $-109.275M ▼ $-73.711M ▼
Q3-2024 $-81.954M ▼ $6.348M ▼ $-17.57M ▲ $-26.307M ▼ $-37.431M ▲ $-11.144M ▼
Q2-2024 $105.283M ▲ $6.733M ▼ $-40.57M ▼ $-2.304M ▲ $-37.584M ▼ $25.255M ▲
Q1-2024 $-105.283M ▼ $34.094M ▲ $-19.586M ▲ $-35.622M ▼ $-20.016M ▲ $15.572M ▲
Q4-2023 $-46.586M $-72.438M $-24.943M $-23.279M $-120.713M $-87.199M

Revenue by Products

Product Q1-2024Q3-2024Q4-2024
Food Beverage And Merchandise Revenues
Food Beverage And Merchandise Revenues
 $20.00M ▲$20.00M ▲$30.00M ▲
Media Networks Revenue
Media Networks Revenue
 $100.00M ▲$120.00M ▲$110.00M ▼
Ticketing And Venue License Fee Revenues
Ticketing And Venue License Fee Revenues
 $90.00M ▲$110.00M ▲$120.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has roughly doubled over the last five years and is now a bit above the one‑billion‑dollar range, but growth has stalled in the most recent couple of years. Gross profit is positive yet relatively thin, and ongoing operating losses show that the current scale of the business is not yet enough to comfortably cover all its costs, including the heavy expense of running and marketing the Sphere venue. There was one unusually strong profit year earlier in the period, likely helped by one‑off factors, but the broader pattern is a company still in investment and ramp‑up mode, not steady profitability. Earnings per share have swung widely, reflecting restructuring, accounting changes, and the highly capital‑intensive nature of the business.

Balance Sheet

Balance Sheet The balance sheet shows a large base of assets tied up in the Sphere venue and related technology, with total assets relatively steady over recent years. Cash levels have moved around, dipping as construction and launch spending peaked and then rebuilding somewhat, but they are not especially high relative to the size and complexity of the business. Debt is meaningful but not extreme, suggesting a leveraged structure that needs ongoing healthy operations to remain comfortable. Shareholders’ equity has held fairly stable, which indicates the company has not yet had to absorb massive write‑downs, but there is not a big margin for error given the scale of the flagship project.

Cash Flow

Cash Flow Operating cash flow has been close to break‑even recently, which is encouraging for such a young, project‑heavy enterprise, but it is not yet robust. The major pressure point is investment spending: capital expenditures for building and equipping the Sphere have been very heavy, driving persistently negative free cash flow. That means the business has relied on outside financing or asset sales to fund its build‑out. As construction normalizes, there is room for free cash flow to improve, but the model will remain sensitive to how well the venue is utilized and how carefully new projects are staged.

Competitive Edge

Competitive Edge Sphere occupies a distinct niche within live entertainment: a one‑of‑a‑kind, highly immersive venue with a striking visual identity and significant media attention. Its advantages come from scale, technology integration, patents, and the “destination” nature of the Las Vegas Sphere, which is hard and expensive for rivals to copy. At the same time, the business is highly concentrated in a single flagship asset and depends on the broader health of tourism, high‑end entertainment demand, and artist relationships. Traditional arenas, streaming entertainment, and newer experiential concepts are all indirect competitors for time and spending, so the company’s edge depends on keeping the Sphere experience unique and consistently must‑see.

Innovation and R&D

Innovation and R&D Innovation is at the heart of the strategy. Sphere has built proprietary sound systems, ultra‑high‑resolution screens, haptic seating, environmental effects, and even its own camera and production studio to create content tailored to the venue. It is also experimenting with AI‑driven content and advanced production techniques. The roadmap includes new original shows, potential technology licensing to other venues, and a move toward smaller, more scalable Spheres and franchise‑style partnerships overseas. This offers substantial upside if the concepts resonate globally, but it also carries execution risk: the company must continually deliver hit content, manage technical complexity, and avoid overextending on costly new builds.

Summary

Sphere Entertainment is an early‑stage, capital‑intensive entertainment platform built around a single, highly innovative flagship asset. Financially, revenue has grown but profits are still negative, and heavy past investment has weighed on free cash flow. The balance sheet shows sizable long‑lived assets funded by a mix of debt and equity, leaving some leverage but no obvious distress in the historical figures provided. Strategically, the company has carved out a distinctive and hard‑to‑replicate position through technology, patents, and brand “wow factor,” with clear plans for new content, technology licensing, and global expansion. The main opportunities lie in scaling utilization of the existing Sphere and successfully rolling out additional, more capital‑light venues; the main risks center on high fixed costs, dependence on discretionary entertainment spending, and the need for consistent creative and operational execution to turn a unique concept into durable, broad‑based cash generation.

NEWS

November 7, 2025 · 7:00 AM UTC

Bring Home the Sound of Sphere With “The Wizard of Oz at Sphere: The Soundtrack”

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November 4, 2025 · 7:30 AM UTC

Sphere Entertainment Co. Reports Third Quarter 2025 Results

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October 30, 2025 · 4:30 PM UTC

Sphere Entertainment Co. to Host Third Quarter 2025 Conference Call

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October 20, 2025 · 8:30 AM UTC

The Wizard of Oz at Sphere Reaches More Than 1 Million Total Tickets Sold and Over $130 Million in Ticket Sales

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September 15, 2025 · 8:30 AM UTC

The Wizard of Oz at Sphere Reaches More Than 500,000 Total Tickets Sold and Over $65 Million in Ticket Sales

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