Pulling SEC filings + quote and writing the call…

Sphere Entertainment Co.
Last earnings +0.1% on 2026-05-05
Sphere's novel venue is growing revenue 19% and cash flow turned sharply positive, but operating losses and a 213x P/E warn of speculation.
Sphere Entertainment owns the eponymous Las Vegas Sphere venue plus the MSG Networks business, and its FY2025 numbers show a unique-but-unproven economic model. Revenue grew 19.0% to $1.22B and reported net income turned positive at $33.4M (from -$201M), but the underlying operating line remains deeply negative: operating income of -$230M (-18.8% margin), weighed down by $336M of depreciation/amortization on the capital-intensive venue. The positive net income is therefore driven by non-operating items rather than operating profitability, making the 212.6x P/E meaningless as a valuation anchor.
Sources: SEC EDGAR (CIK 0001795250, latest 10-Q filed 2026-05-05) · analysis by claude-code · as of 6/21/2026, 8:56:51 PM.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $790M | $608M | $571M | $1.02B | $1.22B |
| Gross profit | — | — | — | — | — |
| Operating income | -$188M | -$103M | -$273M | -$341M | -$230M |
| Net income | -$148M | -$194M | $503M | -$201M | $33.4M |
| Diluted EPS | -$4.59 | -$5.77 | $14.40 | -$5.68 | $0.74 |
| Net margin | -18.8% | -32.0% | 88.0% | -19.6% | 2.7% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1047 tracked peers · median
Disclosed under the STOCK Act
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.