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Sphere Entertainment SPHR Q3 2025 earnings

Reported November 4, 2025 · Before market open

Revenue$262.5MMiss by $115.1M
EPS-$1.37Beat by $0.25
Revenue estimate$377.6M
EPS estimate-$1.62

Next report

Nov 3, 2026 (in a month)
Revenue estimate$284.3M
EPS estimate-$1.54

Financials

Q3 2025

Income statement

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Revenue$262.5M+15.2%
Operating income-$129.7M-10.3%
Net income-$101.2M+3.9%
EPS (diluted)-$2.80+5.1%

Balance sheet

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Cash & equivalents$398.3M-28.0%
Total debt$1.0B-33.2%
Total equity$2.2B-6.9%
Total assets$4.1B-9.9%

Cash flow

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Operating cash flow$115.8M+240%
CapEx$5.0M-73.0%
Free cash flow$110.8M+612%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$2.24B+42.3%
Enterprise value$2.84B+12.8%
P/S2.2×+0.8×

Profitability

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Operating margin-28.1%-4.3pp
Net margin-6.2%-2.8pp
FCF margin0.8%—

Returns & leverage

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Return on equity-2.8%-1.3pp
Debt / equity0.5×-0.2×
Current ratio1×+0.4×

Segments

By product

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Ticketing and venue license fee revenues$124.7M+35.3%
Media networks revenues$88.4M-12.3%
Food, beverage, and merchandise revenues$25.0M+49.0%
Sponsorship, signage, Exosphere advertising, and suite license revenues$17.2M+29.7%

By segment

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Sphere$174.1M+37.0%
MSG Networks$88.4M-12.3%

FAQ

When did Sphere Entertainment report Q3 2025 earnings?
Sphere Entertainment (SPHR) reported Q3 2025 earnings on November 4, 2025 before market open.
What were Sphere Entertainment's Q3 2025 revenue and EPS?
Sphere Entertainment reported revenue of $262.5M and eps of $-1.37 for Q3 2025.
Did Sphere Entertainment beat estimates in Q3 2025?
Revenue missed the consensus estimate of $377.6M by $115.1M. EPS beat the consensus estimate of $-1.62 by $0.25.
How did Sphere Entertainment's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 15.2% from $227.9M a year earlier and eps grew 53.6% from $-2.95.
Where can I find Sphere Entertainment's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001628280-25-048533) and the 10-Q periodic report (0001628280-25-049008) directly on SEC EDGAR. The filing index links above go to sec.gov.