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Sphere Entertainment SPHR Operating margin

Operating margin at other companies

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NetflixNFLX
29.7%+2.0pp
Live Nation Entertainment logo
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4.6%—
Madison Square Garden Sports logo
Madison Square Garden SportsMSGS
8.4%—
Versant Media Group, Inc. logo
Versant Media Group, Inc. VSNT
26.8%-0.5pp
PSK
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Warner Bros. Discovery, Inc.WBD
-4.6%-2.1pp

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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Net margin9%+5.2pp
FCF margin25.2%+15.7pp

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.

operating income/total revenue=-28.1%

Based on trailing twelve months.

The official record: Sphere Entertainment’s 10-Q, filed November 4, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Sphere Entertainment's operating margin?
Sphere Entertainment (SPHR) reported operating margin of -28.1% in Q3 2025.
How has Sphere Entertainment's operating margin changed year-over-year?
Sphere Entertainment's operating margin increased by 17.8% year-over-year, from -34.2% to -28.1%.
What is the long-term trend for Sphere Entertainment's operating margin?
Over 4 years (2020 to 2024), Sphere Entertainment's operating margin has grown at a -5.2% compound annual growth rate (CAGR), from -31.4% to -25.4%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.