Sphere Entertainment Q4 revenue up 28% to $394.3 million; operating income $28.9 million
Sphere Entertainment reported fourth-quarter 2025 revenue of $394.3 million, up 28% from a year earlier, and operating income of $28.9 million, compared with a $142.9 million loss in the prior-year quarter. Sphere segment revenue rose 62%, driven by The Wizard of Oz at Sphere, while MSG Networks revenue fell 14%. Fourth-quarter diluted earnings were $1.23 per share, compared with a loss of $3.49 per share a year earlier.
Key points
- Q4 2025 revenue was $394.3 million, up $86.0 million (28%); Sphere segment revenue was $274.2 million, up 62%.
- Q4 2025 operating income was $28.9 million versus a $142.9 million loss a year earlier; adjusted operating income was $128.0 million.
- Full-year 2025 revenue was $1.22 billion, up 8%; the operating loss was $229.6 million, an improvement of $142.8 million.
- MSG Networks Q4 revenue was $120.1 million, down 14%, with total subscribers down about 14.5%.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:00 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 12, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.