Sphere Entertainment Co.
sphereentertainmentco.comWhat Do They Do?
Operates an immersive venue for audiences and event promoters, and sells regional sports programming and streaming access to distributors.
10-K for FY2025, filed Feb 12, 2026The Company is a leader in immersive experiences, technology and media and is comprised of two reportable segments, Sphere and MSG…View ↗
Sphere: This segment reflects Sphere, an experiential medium powered by advanced technologies that bring storytelling to a new level. The…View ↗
MSG Networks: This segment is comprised of the Company’s regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well…View ↗
How Do They Make Money?
Sphere earns from tickets, event venue fees, food, drinks and merchandise sold around events, and sponsorship and advertising agreements that pay over time. MSG Networks earns carriage fees from distributors, streaming subscriptions and single-game purchases, plus advertising as commercials air.
10-K for FY2025, filed Feb 12, 2026The Sphere segment earns revenue primarily from ticket sales to our audiences for The Sphere Experience, license fees for our venue paid by…View ↗
The MSG Networks segment generates revenues principally from distribution fees, as well as from the sale of advertising. Distribution…View ↗
Substantially all of MSG Networks’ affiliation agreements are sales-based and usage-based royalty arrangements; revenue is recognized as…View ↗
The MSG Networks segment also generates advertising revenue primarily through the sale of commercial time and other advertising inventory…View ↗
(a) Event-related revenues consists of (i) ticket sales and other revenue directly related to the exhibition of The Sphere Experience, (ii)…View ↗
(b) Sponsorship and signage, Exosphere advertising, suite licenses, and media related revenues are generally recognized over time.View ↗
-
10-K for FY2025, filed Feb 12, 2026
FY2025 revenue by product or service (Total revenues from contracts with customers) ↗
$1.2B
-
10-K for FY2025, filed Feb 12, 2026
$1.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Sponsorship, signage, Exosphere advertising, and suite license revenues
Recurring
|
7.9% |
Sponsorship, signage, Exosphere advertising, and suite license revenues, FY2025
$96.2M Sources
|
Recurring |
|
Other
|
1.8% |
Other, FY2025
$22.2M Sources
|
|
|
Ticketing and venue license fee revenues
Sold outright
10-K for FY2025, filed Feb 12, 2026 |
46% |
Ticketing and venue license fee revenues, FY2025
$560.8M Sources
|
Sold outright |
|
Food, beverage and merchandise revenues
Sold outright
|
8.2% |
Food, beverage and merchandise revenues, FY2025
$100.4M Sources
|
Sold outright |
|
Media networks revenues
|
36%
FY2021: 100%
|
Media networks revenues, FY2025
$438.6M Sources
|
Who Are Their Customers?
Sphere sells tickets, food and merchandise to guests, licenses venue use to third-party promoters, and sells advertising to sponsors and brands. MSG Networks sells carriage rights to cable, satellite, fiber-optic and other platforms; viewers can also subscribe to MSG+ or buy single games.
10-K for FY2025, filed Feb 12, 2026The Sphere segment earns revenue primarily from ticket sales to our audiences for The Sphere Experience, license fees for our venue paid by…View ↗
The MSG Networks segment generates revenues principally from distribution fees, as well as from the sale of advertising. Distribution…View ↗
Substantially all of MSG Networks’ affiliation agreements are sales-based and usage-based royalty arrangements; revenue is recognized as…View ↗
The MSG Networks segment also generates advertising revenue primarily through the sale of commercial time and other advertising inventory…View ↗
Unique Platform for Advertising and Sponsorship: We believe Sphere’s unique platform and technological capabilities offer powerful and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 3 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 12, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
−$38.3MView ↗
- ▼ Now a loss
- vs $151.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
Growing. Revenue grew 88% in 4 years, from $647.5M in FY2020 to $1.2B in FY2025, about 17% a year.
Sphere became an operating venue
The earlier report described Sphere as under construction; the latest describes an operating venue that hosts immersive productions, concerts, residencies and other events.
10-K for FY2022, filed Aug 19, 2022 10-K for FY2025, filed Feb 12, 2026Sphere: This segment reflects Sphere, an experiential medium powered by advanced technologies that bring storytelling to a new level. The…View ↗
The Sphere Experience. A core content category at Sphere is The Sphere Experience, which takes full advantage of Sphere’s experiential…View ↗
Venue of Choice for Third-Party Events. Sphere in Las Vegas has hosted a wide variety of events, including concerts and residencies from…View ↗
Who Do They Compete With?
Competes with NBC, ABC, CBS, Fox, Sinclair, Amazon Prime, Hulu, Netflix, Apple TV+, Disney+, Max, Peacock, and ESPN
10-K for FY2025, filed Feb 12, 2026New or existing programming networks that are owned by, affiliated or otherwise partnered with, broadcast networks such as NBC, ABC, CBS or…View ↗
Loading...
