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Sphere Entertainment SPHR MSG Networks — Adjusted Operating Income (Loss)

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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$5.54B+262%
Enterprise value$5.85B+168%
P/E46.2×
P/S4.2×+2.6×

Profitability

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Operating margin-28.1%-4.3pp
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

Reported directly by Sphere Entertainment in its filing.

Tagged under the XBRL concept sphr:AdjustedOperatingIncomeLoss.

The source filing: Sphere Entertainment’s 10-Q, filed May 5, 2026.

Filed
May 5, 2026, 5:23 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001628280-26-030740
Line itemThree Months Ended / SphereThree Months Ended / MSG NetworksThree Months Ended / Total
Adjustments:
Share-based compensation expense13,14376713,910
Depreciation and amortization82,2742,09384,367
Restructuring charges2,6737413,414
Impairment and other losses, net7979
Merger, debt work-out, and acquisition related costs, net of insurance recoveries8787
Amortization for capitalized cloud computing arrangement costs917917
Adjusted operating income$74,290$35,686$109,976

Item 1. Financial Statements

FAQ

What is Sphere Entertainment's MSG networks — adjusted operating income (loss)?
Sphere Entertainment (SPHR) reported MSG networks — adjusted operating income (loss) of $35.69M in Q1 2026.
How has Sphere Entertainment's MSG networks — adjusted operating income (loss) changed year-over-year?
Sphere Entertainment's MSG networks — adjusted operating income (loss) increased by 56.4% year-over-year, from $22.82M to $35.69M.
What is the long-term trend for Sphere Entertainment's MSG networks — adjusted operating income (loss)?
Over 4 years (2021 to 2025), Sphere Entertainment's MSG networks — adjusted operating income (loss) has grown at a -21.3% compound annual growth rate (CAGR), from $305.18M to $117.26M.
What does MSG networks — adjusted operating income (loss) mean?
A non-GAAP measure of the MSG Networks segment's profitability, calculated by excluding non-recurring or non-cash items such as restructuring charges, impairments, and certain acquisition-related costs. This metric provides a normalized view of the segment's core operational performance, allowing investors to assess underlying business health without the noise of accounting adjustments. It is the primary benchmark for evaluating the segment's ability to generate sustainable cash flow.

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