Filing Flows › Sphere Entertainment (SPHR) › Q2 2025
Sphere Entertainment (SPHR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
Sphere Entertainment (SPHR) reported revenue of $283M for the second quarter 2025 (Q2 2025), +3% from a year earlier and +0.7% from the quarter before. Operating margin was -17.7%, net earnings $152M (53.7% of revenue).
Sphere Entertainment, Q2 2025: revenue $283M (+3% year over year), operating margin -17.7%, net earnings $152M, operating cash flow −$59.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $283M | +0.7% | +3% |
| Operating profit | −$50.2M | — | — |
| Net earnings | $152M | — | — |
| Operating cash flow | −$59.1M | -1030% | — |
What changed
Revenue was $282.7M in Q2 2025, up 3% year over year and up 1% from the previous quarter. Ticketing and venue license fee revenues was the largest line at 44% of revenue. Ticketing and venue license fee revenues added $19.7M year over year (up 19%), 212% of the total change. Media networks revenues declined 12%.
Operating costs exceeded revenue by $50.2M, an operating margin of -17.7%. Total costs fell 3% while revenue rose 3%. Net earnings were $151.8M. The effective tax rate was 44.5%. Non-operating items added $323.9M, 118% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$59.1M. Non-cash charges added back $83.9M of depreciation and amortization and $18.9M of share-based compensation. Working capital and other items used $313.6M. Capital expenditures of $759K exceeded it, leaving free cash flow of −$59.8M.
Questions
What was Sphere Entertainment's revenue in the second quarter 2025?
Sphere Entertainment (SPHR) reported revenue of $283M for the second quarter 2025 (Q2 2025), +3% from a year earlier and +0.7% from the quarter before.
Was Sphere Entertainment profitable in the second quarter 2025?
Operating loss was $50.2M (-17.7% of revenue) and net earnings $152M.