Filing Flows › Sphere Entertainment (SPHR) › Q4 2025
Sphere Entertainment (SPHR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Sphere Entertainment (SPHR) reported revenue of $394M for the fourth quarter 2025 (Q4 2025), +28% from a year earlier and +50% from the quarter before. Operating margin was 7.3%, net earnings $64.7M (16.4% of revenue).
Sphere Entertainment, Q4 2025: revenue $394M (+28% year over year), operating margin 7.3%, net earnings $64.7M, operating cash flow $180M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $394M | +50% | +28% |
| Operating profit | $28.9M | — | — |
| Net earnings | $64.7M | — | — |
| Operating cash flow | $180M | +56% | 27× |
| Free cash flow | $178M | — | — |
What changed
Revenue was $394.3M in Q4 2025, up 28% year over year and up 50% from the previous quarter. Ticketing and venue license fee revenues was the largest line at 54% of revenue.
Operating profit was $28.9M, a 7.3% margin (up 53.7 points year over year). Total costs fell 19% while revenue rose 28%. Net earnings were $64.7M. The tax line was a benefit of $42.3M on pre-tax earnings of $22.4M.
Operating cash flow was $180.2M (up 2577% year over year), 278% of net earnings. Non-cash charges added back $84.2M of depreciation and amortization and $10.0M of share-based compensation. Working capital and other items added $21.3M. Capital expenditures of $2.7M left free cash flow of $177.5M.
Questions
What was Sphere Entertainment's revenue in the fourth quarter 2025?
Sphere Entertainment (SPHR) reported revenue of $394M for the fourth quarter 2025 (Q4 2025), +28% from a year earlier and +50% from the quarter before.
Was Sphere Entertainment profitable in the fourth quarter 2025?
Operating profit was $28.9M (7.3% of revenue) and net earnings $64.7M.