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Sphere Entertainment vs Liberty Live Holdings: SPHR and LLYVA compared
Sphere Entertainment is the larger company: $274M of revenue in its latest quarter (Q3 2026) against $106M for Liberty Live Holdings (Q3 2026). Liberty Live Holdings is growing faster (+72% against +4% a year earlier). Liberty Live Holdings is more profitable, with an operating margin of -11.0% against -87.7%.
Where the money goes: SPHR and LLYVA
Sphere Entertainment (SPHR) · Q3 2026
Sphere Entertainment, Q3 2026: revenue $274M (+4% year over year), operating margin -87.7%, net loss $176M, operating cash flow $56.9M. The chart follows the revenue to costs, profit and cash.
Liberty Live Holdings (LLYVA) · Q3 2026
Liberty Live Holdings, Q3 2026: revenue $106M (+72% year over year), operating margin -11.0%, net earnings $334M, operating cash flow −$18.0M. The chart follows the revenue to costs, profit and cash.
| Sphere Entertainment (SPHR) | Liberty Live Holdings (LLYVA) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $274M | $106M |
| Revenue growth, Y/Y | +4% | +72% |
| Operating margin | -87.7% | -11.0% |
| Net earnings | −$176M | $334M |
| Net margin | -64.2% | 315.2% |
| Operating cash flow | $56.9M | −$18.0M |
| Free cash flow | $26.5M | — |
| Market value | $3.9B | $9.5B |
| Analysts’ mean target | $156.62 | — |
Where the revenue comes from
Sphere Entertainment
- Ticketing and venue license fee revenues: $137M (50%)
- Media networks revenues: $75.4M (27%)
- Food, beverage, and merchandise revenues: $31.0M (11%)
- Sponsorship, signage, Exosphere advertising, and suite license revenues: $22.9M (8%)
Questions
Which is bigger, Sphere Entertainment or Liberty Live Holdings?
Sphere Entertainment is the larger company: $274M of revenue in its latest quarter (Q3 2026) against $106M for Liberty Live Holdings (Q3 2026).
Is Sphere Entertainment or Liberty Live Holdings growing faster?
Liberty Live Holdings is growing faster (+72% against +4% a year earlier).
Which is more profitable, Sphere Entertainment or Liberty Live Holdings?
Liberty Live Holdings is more profitable, with an operating margin of -11.0% against -87.7%.
More: Sphere Entertainment earnings · how Sphere Entertainment makes money · Liberty Live Holdings earnings · how Liberty Live Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.