Sphere Entertainment Co. Reports Fourth Quarter and Full Year 2025 Results
NEW YORK, N.Y., February 12, 2026 – Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the fourth quarter and full-year ended December 31, 2025.
Recent highlights for the Company’s Sphere segment include:
- In January, the Company announced with the State of Maryland, Prince George’s County, and Peterson Companies the intent to develop a new Sphere venue – which would be the second in the U.S. and first to utilize a smaller-scale design model – at National Harbor, a premier destination in the Washington, D.C. metropolitan area;
- The Wizard of Oz at Sphere, the Sphere Experience that opened in Las Vegas on August 28, 2025, surpassed two million tickets sold in mid-January;
- Lenovo held its Tech World event at Sphere during the Consumer Electronics Show (“CES”) in January, marking the venue’s second consecutive year as a CES keynote destination; and
- The Company announced multi-year sponsorship and advertising partnerships, including with Anheuser-Busch and Delta Air Lines, and debuted the first live interactive game experience on the Exosphere, in collaboration with the LEGO Group and Lucasfilm’s Star Wars.
For the three months ended December 31, 2025, the Company reported revenues of $394.3 million, an increase of $86.0 million, or 28%, as compared to the prior year quarter. In addition, the Company reported operating income of $28.9 million, an increase of $171.9 million, and adjusted operating income of $128.0 million, an increase of $95.2 million, both as compared to the prior year quarter.(1)
For the twelve months ended December 31, 2025, the Company reported revenues of $1,220.0 million, an increase of $89.1 million, or 8%, as compared to the prior year period. In addition, the Company reported an operating loss of $229.6 million, an improvement of $142.8 million, or 38%, and adjusted operating income of $261.8 million, an increase of $152.0 million, or 138%, both as compared to the prior year period.(1)
Executive Chairman and CEO James L. Dolan said, “Today’s results serve as continued validation of the business model behind Sphere. As we begin 2026, we remain focused on expanding Sphere’s global footprint, including advancing our plans to bring Sphere to Abu Dhabi and National Harbor, and believe the Company is well-positioned for long-term growth.”