Every material Form 8-K Sphere Entertainment filed with the SEC in 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Sphere Entertainment reported third-quarter 2026 revenue of $274.3 million, up 4% from the prior year quarter, with Sphere segment revenue up 14% and MSG Networks revenue down 15%. The operating loss widened to $240.6 million, driven by a $177.6 million non-cash goodwill impairment at MSG Networks, and the net loss was $176.0 million, or $4.84 per share, compared with a $3.47 per share loss a year earlier.
Revenue: $274.3 million, up $11.7 million or 4%; Sphere segment $198.9 million (up 14%), MSG Networks $75.4 million (down 15%)
Operating loss: $240.6 million, versus $163.1 million a year earlier, including a $177.6 million goodwill impairment at MSG Networks
Adjusted operating income: $39.2 million, up $2.8 million or 8%
Net loss: $176.0 million, or $4.84 per share, versus $125.7 million or $3.47 per share a year earlier
Sphere Entertainment disclosed that its officers and directors overlap with several affiliated companies following the MSG Rangers distribution, including CEO James Dolan serving as chief executive of MSG Entertainment, MSG Knickerbockers and MSG Rangers. The filing states these overlaps could create conflicts of interest over acquisitions, commercial arrangements and stock ownership, and that the board adopted an overlap policy to extend existing protections to MSG Rangers roles.
James L. Dolan is Executive Chairman and CEO of Sphere, MSG Entertainment, MSG Knickerbockers and MSG Rangers, and Non-Executive Chairman of AMC Global Media.
Eight Sphere directors also serve on MSG Entertainment's board, nine on MSG Knickerbockers', five on MSG Rangers' and six on AMC Global Media's.
Existing Overlap Provisions in Sphere's articles limit liability for overlapping directors and officers, and the board adopted an overlap policy extending these to MSG Rangers roles.
Sphere Entertainment reported second-quarter 2026 revenue of $313.6 million, up 11% from a year earlier, driven by the Sphere segment. The company posted an operating loss of $61.3 million, wider than the $50.2 million loss a year earlier, and adjusted operating income fell 17% to $50.9 million, so revenue growth did not carry through to profit for shareholders.
Revenue rose $31.0 million, or 11%, to $313.6 million; Sphere segment revenue rose 29% to $226.4 million while MSG Networks revenue fell 18% to $87.3 million.
Operating loss was $61.3 million versus $50.2 million a year earlier; adjusted operating income fell $10.5 million, or 17%, to $50.9 million.
Net loss attributable to stockholders was $38.8 million, or $1.07 per diluted share, compared with net income of $151.8 million in the prior-year quarter, which included a $346.1 million gain on extinguishment of debt.
Sphere Entertainment reported first quarter 2026 revenue of $386.4 million, up 38% from a year earlier, and operating income of $7.2 million compared with an operating loss of $78.6 million in the prior-year quarter. The Sphere segment drove the gain, while MSG Networks revenue fell 2%. Diluted loss per share narrowed to $0.04 from $2.27.
Total revenue was $386.4 million, up $105.8 million or 38% from the prior-year quarter.
Operating income was $7.2 million versus an operating loss of $78.6 million a year earlier; adjusted operating income was $110.0 million, up $74.0 million.
Diluted loss per share attributable to stockholders was $(0.04) versus $(2.27) a year earlier.
Sphere segment revenue rose 69% to $266.0 million, while MSG Networks revenue declined 2% to $120.4 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.
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%.
On January 29, 2026, MSG Las Vegas, LLC, an indirect subsidiary of Sphere Entertainment Co., entered a credit agreement with JPMorgan Chase Bank providing a $275 million term loan to refinance an existing term loan and a $275 million revolving credit facility. The facilities are secured by the subsidiary's assets, including its leasehold interest in the land under the Las Vegas Sphere, and are guaranteed by Sphere Entertainment Group, so shareholders should note the new secured, floating-rate debt and its covenants. The filing does not report any effect on earnings.
$275 million senior secured term loan to refinance an existing term loan, plus a $275 million senior secured revolving credit facility, dated January 29, 2026
Facilities mature January 29, 2031; term loan amortizes at 5% per year in quarterly installments beginning after the second anniversary of closing
Floating interest: Term SOFR plus 2.50% to 3.00%, or Alternative Base Rate plus 1.50% to 2.00%, based on total leverage ratio
Covenants tested quarterly: minimum debt service coverage ratio of 2.50:1.00 and maximum total leverage ratio of 3.50:1.00
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.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Sphere Entertainment filing is on SEC EDGAR ↗. 8-K briefs of other companies →