Filing Flows › Sphere Entertainment (SPHR) › Q3 2025
Sphere Entertainment (SPHR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Sphere Entertainment (SPHR) reported revenue of $263M for the third quarter 2025 (Q3 2025), +15% from a year earlier and -7% from the quarter before. Operating margin was -49.4%, net loss $101M (38.5% of revenue).
Sphere Entertainment, Q3 2025: revenue $263M (+15% year over year), operating margin -49.4%, net loss $101M, operating cash flow $116M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $263M | -7% | +15% |
| Operating profit | −$130M | — | — |
| Net earnings | −$101M | -167% | — |
| Operating cash flow | $116M | — | +240% |
What changed
Revenue was $262.5M in Q3 2025, up 15% year over year and down 7% from the previous quarter. Ticketing and venue license fee revenues was the largest line at 47% of revenue. Ticketing and venue license fee revenues added $32.6M year over year (up 35%), 94% of the total change. Media networks revenues declined 12%.
Operating costs exceeded revenue by $129.7M, an operating margin of -49.4%. Total costs grew 14% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+29%). The quarter ended with a net loss of $101.2M, after a profit of $151.8M the previous quarter.
Operating cash flow was $115.8M (up 240% year over year). Non-cash charges added back $84.1M of depreciation and amortization and $8.5M of share-based compensation. Working capital and other items added $124.4M. Capital expenditures of −$623K left free cash flow of $116.5M.
Questions
What was Sphere Entertainment's revenue in the third quarter 2025?
Sphere Entertainment (SPHR) reported revenue of $263M for the third quarter 2025 (Q3 2025), +15% from a year earlier and -7% from the quarter before.
Was Sphere Entertainment profitable in the third quarter 2025?
Operating loss was $130M (-49.4% of revenue) and net loss $101M.