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How Sphere Entertainment (SPHR) makes money
Sphere Entertainment (SPHR) made $274M of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Ticketing and venue license fee revenues brought in $137M (50%); Media networks revenues brought in $75.4M (27%); Food, beverage, and merchandise revenues brought in $31.0M (11%).
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Ticketing and venue license fee revenues | $137M | 50.1% | -9% | +10% |
| Media networks revenues | $75.4M | 27.5% | -14% | -15% |
| Food, beverage, and merchandise revenues | $31.0M | 11.3% | -14% | +24% |
| Sponsorship, signage, Exosphere advertising, and suite license revenues | $22.9M | 8.3% | -34% | +33% |
| Other | $7.7M | 2.8% | +54% | +13% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $274M | 100.0% |
| Operating cash flow | $56.9M | 20.7% |
| Free cash flow | $26.5M | 9.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $274M | +4% |
| Q2 2026 | $314M | +11% |
| Q1 2026 | $386M | +38% |
| Q4 2025 | $394M | +28% |
| Q3 2025 | $263M | +15% |
| Q2 2025 | $283M | +3% |
| Q1 2025 | $281M | -13% |
From Sphere Entertainment's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Sphere Entertainment make money?
Sphere Entertainment (SPHR) made $274M of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Ticketing and venue license fee revenues brought in $137M (50%); Media networks revenues brought in $75.4M (27%); Food, beverage, and merchandise revenues brought in $31.0M (11%).
What is Sphere Entertainment's biggest business?
Ticketing and venue license fee revenues: $137M in the third quarter 2026, 50% of revenue, +10% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.