Filing Flows › Communication Services › Sphere Entertainment (SPHR)
Sphere Entertainment (SPHR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Sphere Entertainment (SPHR) Q3 2026 earnings results →
Q3 2026 Revenue up 4% year over year to $274M · 64¢ of every $1 of revenue lost · operating margin -87.7%
Sphere Entertainment made $274M in Q3 2026 (+4% Y/Y): Ticketing and venue license fee revenues $137M, Media networks revenues $75.4M, Food, beverage, and merchandise revenues $31.0M. Operating margin -87.7%, net loss $176M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $274.3M in Q3 2026, up 4% year over year and down 13% from the previous quarter. Ticketing and venue license fee revenues was the largest line at 50% of revenue. Ticketing and venue license fee revenues added $12.7M year over year (up 10%), 108% of the total change. Media networks revenues declined 15%.
Operating costs exceeded revenue by $240.6M, an operating margin of -87.7%. Total costs grew 21% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+25%). The quarter ended with a net loss of $176.0M, wider than the previous quarter's $38.3M loss.
Operating cash flow was $56.9M (down 51% year over year). Non-cash charges added back $83.4M of depreciation and amortization and $14.7M of share-based compensation. Working capital and other items added $134.8M. Capital expenditures of $30.4M left free cash flow of $26.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $274M | +4% | -87.7% | −$176M | $56.9M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $314M | +11% | -19.5% | −$38.3M | −$33.7M |
| Q1 2026 | 10-Q | May 5, 2026 | $386M | +38% | 1.9% | $4.5M | $136M |
| Q4 2025 | 10-K | Feb 12, 2026 | $394M | +28% | 7.3% | $64.7M | $180M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $263M | +15% | -49.4% | −$101M | $116M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $283M | +3% | -17.7% | $152M | −$59.1M |
| Q1 2025 | 10-Q | May 8, 2025 | $281M | -13% | -28.0% | −$82.0M | $6.3M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Sphere Entertainment
Sphere Entertainment Co. is a Nevada corporation with its principal executive office at Two Pennsylvania Plaza, New York, NY, 10121. Unless the context otherwise requires, all references to “we,” “us,” “our,” “Sphere Entertainment” or the “Company” refer collectively to Sphere Entertainment Co., a holding company, and its direct and indirect subsidiaries. We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K (this “Form 10-K”) through Sphere Entertainment Group, LLC (“Sphere Entertainment Group”) and MSG Networks Inc. (together with its subsidiaries, “MSG Networks”), and each of their direct and indirect subsidiaries.
In its own words, from its 10-K, filed Feb 12, 2026.
Sphere Entertainment against its Services-Amusement & Recreation Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +10%. Operating margin: -87.7% against the peers' median 7.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SPHR Sphere Entertainment | Q3 2026 | $274M | +4% | -87.7% |
| LYV Live Nation Entertainment | Q3 2026 | $10.1B | +19% | 8.8% |
| WMG Warner Music Group | Q3 FY26 | $1.9B | +10% | 16.4% |
| TKO TKO Group Holdings | Q3 2026 | $1.4B | +22% | 27.8% |
| FUN Six Flags Entertainment | Q3 2026 | $1.2B | -11% | -25.6% |
| ACEL Accel Entertainment | Q3 2026 | $364M | +10% | 7.9% |
| BATRA Atlanta Braves Holdings | Q3 2026 | $325M | +4% | 2.7% |
| LUCK Lucky Strike Entertainment | Q1 FY27 | $303M | +4% | 9.3% |
| LLYVA Liberty Live Holdings | Q3 2026 | $106M | +72% | -11.0% |
Source: Sphere Entertainment 10-Q on SEC EDGAR · CIK 1795250 · Services-Amusement & Recreation Services
Guidance and outlook
13F: who owns SPHR and who is buying
More on SPHR
- How Sphere Entertainment makes money: revenue by segment
- Sphere Entertainment next earnings date and what analysts expect
- Sphere Entertainment stock forecast, price target and fair value
- Who owns Sphere Entertainment stock: holders, funds and Congress trades
- Sphere Entertainment guidance and outlook
- Is Sphere Entertainment a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Sphere Entertainment free cash flow by quarter
- Sphere Entertainment capital expenditures by quarter
- Sphere Entertainment Ticketing and venue license fee revenues revenue by quarter
- Sphere Entertainment Media networks revenues revenue by quarter
- Sphere Entertainment Food, beverage, and merchandise revenues revenue by quarter
Compare SPHR with
- Sphere Entertainment vs Accel Entertainment (SPHR vs ACEL)
- Sphere Entertainment vs Atlanta Braves Holdings (SPHR vs BATRA)
- Sphere Entertainment vs Lucky Strike Entertainment (SPHR vs LUCK)
- Sphere Entertainment vs Liberty Live Holdings (SPHR vs LLYVA)
- Sphere Entertainment vs Reservoir Media (SPHR vs RSVR)