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Sphere Entertainment vs Reservoir Media: SPHR and RSVR compared
Sphere Entertainment is the larger company: $274M of revenue in its latest quarter (Q3 2026) against $49.9M for Reservoir Media (Q2 FY27). Reservoir Media is growing faster (+10% against +4% a year earlier). Reservoir Media is more profitable, with an operating margin of 24.6% against -87.7%.
Where the money goes: SPHR and RSVR
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.
Reservoir Media (RSVR) · Q2 FY27
Reservoir Media, Q2 FY27: revenue $49.9M (+10% year over year), operating margin 24.6%, net earnings $4.7M, operating cash flow $23.0M. The chart follows the revenue to costs, profit and cash.
| Sphere Entertainment (SPHR) | Reservoir Media (RSVR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $274M | $49.9M |
| Revenue growth, Y/Y | +4% | +10% |
| Operating margin | -87.7% | 24.6% |
| Net earnings | −$176M | $4.7M |
| Net margin | -64.2% | 9.5% |
| Operating cash flow | $56.9M | $23.0M |
| Free cash flow | $26.5M | $22.9M |
| Market value | $3.9B | — |
| 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%)
Reservoir Media
- Music Publishing: $33.2M (67%)
- Recorded Music: $15.4M (31%)
- Other revenue: $1.3M (3%)
Questions
Which is bigger, Sphere Entertainment or Reservoir Media?
Sphere Entertainment is the larger company: $274M of revenue in its latest quarter (Q3 2026) against $49.9M for Reservoir Media (Q2 FY27).
Is Sphere Entertainment or Reservoir Media growing faster?
Reservoir Media is growing faster (+10% against +4% a year earlier).
Which is more profitable, Sphere Entertainment or Reservoir Media?
Reservoir Media is more profitable, with an operating margin of 24.6% against -87.7%.
More: Sphere Entertainment earnings · how Sphere Entertainment makes money · Reservoir Media earnings · how Reservoir Media makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.