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Sphere Entertainment SPHR MSG Networks — Rights fee expense

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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:RightsFeeExpense.

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
Revenues$265,965$120,447$386,412
Operating expenses:
Event-related expenses (a)94,42694,426
Rights fee expense50,64650,646
Network programming and production costs19,77519,775
Other direct operating expenses (a)4,8004,800
Overhead expenses(b)106,59615,107121,703
Other segment expenses(c)85,0262,83487,860

Item 1. Financial Statements

FAQ

What is Sphere Entertainment's MSG networks — rights fee expense?
Sphere Entertainment (SPHR) reported MSG networks — rights fee expense of $50.65M in Q1 2026.
How has Sphere Entertainment's MSG networks — rights fee expense changed year-over-year?
Sphere Entertainment's MSG networks — rights fee expense decreased by 24.6% year-over-year, from $67.15M to $50.65M.
What is the long-term trend for Sphere Entertainment's MSG networks — rights fee expense?
Over 2 years (2023 to 2025), Sphere Entertainment's MSG networks — rights fee expense has grown at a -12.4% compound annual growth rate (CAGR), from -$266.67M to -$204.47M.
What does MSG networks — rights fee expense mean?
Represents the contractual costs paid to acquire the rights to broadcast or distribute sports and entertainment content. This is a primary operating expense for media-focused segments and reflects the competitive cost of securing premium programming.

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