What is Sphere Entertainment's free cash flow margin?

Sphere Entertainment (SPHR) reported free cash flow margin of 25.2% in Q1 2026.

How has Sphere Entertainment's free cash flow margin changed year-over-year?

Sphere Entertainment's free cash flow margin increased by 165.8% year-over-year, from -38.2% to 25.2%.

What does free cash flow margin mean?

Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

Sphere Entertainment SPHR Free cash flow margin

Free cash flow margin at other companies

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25.4%+6.8pp

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2.8%—

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29.6%-1.9pp

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PSK

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Warner Bros. Discovery, Inc.WBD

6.2%-5.1pp

Other financials

Income statement

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Revenue$386.4M+37.7%

Operating income$7.2M+109%

Net income$4.5M+105%

EPS (diluted)-$0.04+98.2%

Balance sheet

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Cash & equivalents$630.2M+31.8%

Total debt$938.4M-35.8%

Total equity$2.2B+4.9%

Total assets$4.2B-5.1%

Cash flow

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Operating cash flow$136.2M+2,046%

CapEx$4.9M-72.1%

Free cash flow$131.4M+1,279%

Valuation

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Market cap$5.63B+256%

Enterprise value$5.94B+108%

P/E47×—

P/S4.3×+2.6×

Profitability

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Operating margin-28.1%-4.3pp

Net margin9%+5.2pp

Returns & leverage

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Return on equity5.5%+3.2pp

Debt / equity0.4×-0.3×

Current ratio1.2×+0.7×

Where this comes from

Calculated from Sphere Entertainment’s reported figures.

free cash flow/total revenue=25.2%

Based on trailing twelve months.

The official record: Sphere Entertainment’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Sphere Entertainment's free cash flow margin?: Sphere Entertainment (SPHR) reported free cash flow margin of 25.2% in Q1 2026.
How has Sphere Entertainment's free cash flow margin changed year-over-year?: Sphere Entertainment's free cash flow margin increased by 165.8% year-over-year, from -38.2% to 25.2%.
What does free cash flow margin mean?: Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.