Filing Flows › Sphere Entertainment (SPHR) › Q3 2026 › vs Q3 2025
Sphere Entertainment (SPHR) Q3 2026 vs Q3 2025 (year over year)
Sphere Entertainment's revenue rose $11.7M (+4%) from $263M in Q3 2025 to $274M in Q3 2026. The biggest changes: Media networks revenues −$13.0M (-15%); Ticketing and venue license fee revenues +$12.7M (+10%); Food, beverage, and merchandise revenues +$5.9M (+24%).
Sphere Entertainment, Q3 2026: revenue $274M (+4% year over year), operating margin -87.7%, net loss $176M, operating cash flow $56.9M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 9.7% | 44.4% | -34.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Ticketing and venue license fee revenues | $137M | $125M | $12.7M | +10% |
| Media networks revenues | $75.4M | $88.4M | −$13.0M | -15% |
| Food, beverage, and merchandise revenues | $31.0M | $25.0M | $5.9M | +24% |
| Sponsorship, signage, Exosphere advertising, and suite license revenues | $22.9M | $17.2M | $5.7M | +33% |
| Other | $7.7M | $6.8M | $869K | +13% |
| Revenue | $274M | $263M | $11.7M | +4% |
| Income tax benefit | $68.8M | $44.4M | $24.4M | +55% |
| Net loss | $176M | $126M | $50.4M | +40% |
| Costs & expenses | $519M | $433M | $86.5M | +20% |
| Operating costs | $515M | $426M | $89.2M | +21% |
| Interest & other, net | $4.3M | $7.0M | −$2.7M | -39% |
| SG&A | $108M | $99.7M | $8.7M | +9% |
| Other operating costs | $406M | $326M | $80.6M | +25% |
| Operating cash sources | $233M | $242M | −$8.6M | -4% |
| Depreciation & amortization | $83.4M | $84.1M | −$728K | -0.9% |
| Share-based compensation | $14.7M | $8.5M | $6.2M | +72% |
| Working capital & other | $135M | $149M | −$14.0M | -9% |
| Net loss absorbed | $176M | $126M | $50.4M | +40% |
| Operating cash flow | $56.9M | $116M | −$59.0M | -51% |
| Free cash flow (OCF − capex) | $26.5M | $116M | −$90.0M | -77% |
| Capital expenditures | $30.4M | −$623K | $31.0M | — |
Questions
How much did Sphere Entertainment's revenue grow year over year in Q3 2026?
Sphere Entertainment's revenue rose $11.7M (+4%) from $263M in Q3 2025 to $274M in Q3 2026.
What drove Sphere Entertainment's revenue change in Q3 2026?
Media networks revenues −$13.0M (-15%); Ticketing and venue license fee revenues +$12.7M (+10%); Food, beverage, and merchandise revenues +$5.9M (+24%).