Sphere Entertainment

SPHR · NYSE · Communication Services · Financials, fiscal 2018 to 2025

SPHR · Last close · October 26, 2026

$110.44

Sphere Entertainment's revenue rose 18.8% to $1.2 billion in fiscal 2025. Its operating margin was −18.8%, up from −33.2% a year earlier. It paid out $50 million in dividends and buybacks. The diluted share count rose 28.3%.

SPHERE ENTERTAINMENT CO. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001628280-26-007760 Updated October 19, 2026

Revenue

$1.2B

18.8%

Operating margin

−18.8%

14.4 pts

Net income

$33M

Free cash flow

—

Return on capital

−4.8%

3.1 pts

Market cap

$4.0B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Interest coverage for fiscal 2025 is blank: the 10-K's structured data has no interest expense for that year.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2018 to 2025, earnings per share grew 14.3% a year and net income 25.3% a year, as new shares raised the share count by 89% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Sphere Entertainment yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Sphere Entertainment's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Sphere Entertainment's free cash flow isn't available in its filings' structured data (the notes above say why), and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Sphere Entertainment's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $110.44
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Sphere Entertainment's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,517	747	132	573	521
Debt incl. finance leases	1,705	996	1,207	1,384	693
Net debt (negative means net cash)	188	248	1,075	810	171
Net debt to EBITDA	—	—	—	—	1.6x
Debt to equity	0.8x	0.5x	0.5x	0.6x	0.3x
Interest coverage	−9.2x	−6.1x	—	−4.3x	—
Current ratio	2.6x	1.3x	0.9x	0.6x	1.1x
Quick ratio	2.5x	1.2x	0.9x	0.6x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of Sphere Entertainment reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Fail	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	3 of 8	2 of 8	7 of 8
Accruals ratio	6.7%	−3.7%	−4.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Sphere Entertainment side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Sphere Entertainment	FY25	18.8%	−18.8%	—	−4.8%	1.6x	7
Madison Square Garden Sports	FY26	11.0%	2.5%	5.3%	—	2.9x	7	Compare
Lionsgate Studios	FY26	1.8%	3.7%	0.4%	8.3%	13.9x	5	Compare
IMAX	FY25	16.5%	20.5%	29.0%	—	—	—	Compare
TKO Group	FY25	−3.0%	17.6%	—	5.9%	2.4x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

8 years of figures

Fiscal year	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	989	1,049	1,436	648	610	574	1,027	1,220
Revenue growth	—	6.1%	36.9%	−54.9%	−5.8%	−5.9%	79.0%	18.8%
Gross profit	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—
Operating income	−31	−46	235	−188	−166	−273	−341	−230
Net income	7	−8	182	−148	−194	503	−201	33
Diluted EPS (US$)	0.29	−0.35	5.20	−4.59	−5.77	14.40	−5.68	0.74
Diluted shares (millions)	24	24	35	34	34	35	35	45
Cash flow
Cash from operations	144	101	308	−59	141	154	−20	243
Capital expenditure	187	184	455	456	757	—	—	—
Free cash flow	−43	−83	−147	−515	−615	—	—	—
Dividends paid	0	0	0	0	0	0	0	0
Share buybacks	0	0	294	0	0	0	0	50
Acquisitions	6	0	0	0	0	0	9	0
Stock-based compensation	27	35	61	71	77	63	48	59
Balance sheet at fiscal year end
Cash and short-term investments	1,226	1,190	1,244	1,517	747	132	573	521
Debt incl. finance leases	—	55	34	1,705	996	1,207	1,384	693
Total assets	—	3,316	3,734	5,290	5,522	4,973	4,788	4,210
Total liabilities	—	662	845	2,972	3,363	2,389	2,372	1,977
Shareholders' equity	2,492	2,572	2,856	2,168	1,963	2,584	2,416	2,233
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—
Operating margin	−3.2%	−4.3%	16.4%	−29.1%	−27.2%	−47.6%	−33.2%	−18.8%
Net margin	0.7%	−0.8%	12.7%	−22.9%	−31.9%	87.6%	−19.5%	2.7%
Free cash flow margin	−4.3%	−7.9%	−10.2%	−79.5%	−100.9%	—	—	—
Return on capital	—	—	13.3%	−8.6%	−5.7%	−5.8%	−7.8%	−4.8%
Return on equity	—	—	6.7%	−5.9%	−9.4%	22.1%	−8.0%	1.4%
Return on assets	—	—	5.2%	−3.3%	−3.6%	9.6%	−4.1%	0.7%
Net debt to EBITDA	—	−17.8x	−3.5x	—	—	—	—	1.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Sphere Entertainment's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Sphere Entertainment.