Sphere Entertainment Co. (SPHR) Stock Price & Analysis
Sphere Entertainment Co. (SPHR) closed at USD 111.61 on Thursday, October 22, 2026, down 2.16% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 114.07; the Oct 22, 2026 session ranged USD 110.64–115.92 on volume of 586,741 shares. Market capitalization is $4.01B, with a 52-week range of USD 64–181.63 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:21 UTC.
Also available as compact Markdown for AI agents: nexqual.com/SPHR.md
Key facts (SPHR)
- Last four reported quarters (through Jun 30, 2026): revenue $1.36B, net income -$70.3M (-5.2% margin) (SEC filings).
- 2 of 80 tracked superinvestors hold SPHR (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 1.85 on a 1–5 scale) (13 analysts), mean target USD 163.62 (range 125–200).
- Total return with dividends: 1Y +71.3% vs S&P 500 +14.9%; 5Y +247.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -1.68, revenue estimate $271M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (SPHR)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $790M | $610M | $574M | $1.03B | $1.22B | $1.36B |
| Operating income | -$188M | -$166M | -$273M | -$341M | -$230M | -$155M |
| Net income | -$148M | -$194M | $503M | -$201M | $33.4M | -$70.3M |
| EPS (diluted) | -$4.59 | -$5.77 | $14.40 | -$5.68 | $0.74 | — |
| Free cash flow | -$515M | -$615M | — | — | — | — |
| Operating margin | -23.8% | -27.2% | -47.6% | -33.2% | -18.8% | -11.4% |
| Net margin | -18.8% | -31.9% | 87.6% | -19.5% | 2.7% | -5.2% |
| Revenue growth | -45.0% | -22.8% | -5.9% | +79.0% | — | — |
| Cash + short-term investments | $1.52B | — | — | $560M | $508M | — |
| Total debt | $1.70B | $996M | $1.21B | $1.38B | $830M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (SPHR)
P/S 3.0x · EV/EBITDA 23.3x · EV/Sales 3.1x · P/B 1.8x · Earnings yield -1.75% · Net debt $229M · EV $4.24B
P/E at fiscal year-ends: Dec 2025 128.9x, Jun 2023 1.9x.
Superinvestors (SEC 13F-HR, Q2 2026) (SPHR)
2 of 80 tracked investors hold SPHR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 2.87% | $288M | Reduced -32.4% |
| Polen Capital | Polen Capital Management | 0.06% | $6.7M | Reduced -20.2% |
Analysts (SPHR)
Consensus Buy (mean 1.85 on a 1–5 scale), 13 analysts; mean target USD 163.62 (low 125, high 200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Susquehanna | Target lowered | Positive | $182 → $158 |
| 2026-10-14 | Guggenheim | Target lowered | Buy | $208 → $180 |
| 2026-10-06 | StoneX | Target lowered | Buy | $175 → $125 |
| 2026-10-06 | BTIG | Target lowered | Buy | $190 → $160 |
| 2026-09-02 | Guggenheim | Target raised | Buy | $193 → $208 |
| 2026-08-20 | Piper Sandler | Initiated | Overweight | $185 |
| 2026-08-03 | BTIG | Reiterated | Buy | $190 |
| 2026-07-31 | JP Morgan | Target lowered | Overweight | $165 → $164 |
| 2026-07-31 | Guggenheim | Target raised | Buy | $188 → $193 |
| 2026-07-27 | BTIG | Reiterated | Buy | $190 |
| 2026-07-21 | JP Morgan | Target raised | Overweight | $150 → $165 |
| 2026-07-14 | Guggenheim | Target raised | Buy | $175 → $188 |
Total return (dividends reinvested) (SPHR)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +71.3% | +247.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +71.6% | +28.2% |
| Volatility (annualized) | 53.1% | 52.2% |
| Max drawdown | -41.9% (Aug 2026→Oct 2026) | -50.1% (Mar 2022→Dec 2022) |
SPHR revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Sphere | $225.9M | 72.0% | +29.0% |
| MSG Networks | $87.3M | 27.8% | -18.5% |
| Total revenue | $313.6M | 100% | — |
SPHR revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Ticketing and venue license fee revenues | $150.2M | 47.9% | +27.5% |
| Food, beverage, and merchandise revenues | $36.0M | 11.5% | +28.9% |
| Sponsorship, signage, Exosphere advertising, and suite license revenues | $34.8M | 11.1% | +53.6% |
| Other | $5.0M | 1.6% | — |
| Total revenue | $313.6M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
SPHR suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | MSG Networks | “•Given that we depend on a limited number of distributors for a significant portion of our MSG Networks revenues, further industry consolidation could adversely affect our business and results of operations.” |
| Partner | Comcast (CMCSA) | “Prior to that, MSG Networks was not able to renew its affiliation agreement with Comcast when it expired in September 2021, which caused a reduction in annual affiliation revenue, operating income and adjusted operating income.” |
| Partner | AMC Networks | “In addition, we are party to an agreement with AMC Networks Inc. ("AMC Networks"), pursuant to which AMC Networks provides us with certain origination, master control and technical services which are necessary to distribute our programming networks.” |
| Competitor | Amazon (AMZN) | “In addition to existing DTC streaming services such as Amazon Prime, Hulu, Netflix, Apple TV+, Disney+, Max and Peacock, additional services have launched and more will likely launch in the near term, which may include sports-focused services that may compete with our networks for viewers and advertising revenue.” |
| Competitor | Netflix (NFLX) | “In addition to existing DTC streaming services such as Amazon Prime, Hulu, Netflix, Apple TV+, Disney+, Max and Peacock, additional services have launched and more will likely launch in the near term, which may include sports-focused services that may compete with our networks for viewers and advertising revenue.” |
| Competitor | Apple (AAPL) | “In addition to existing DTC streaming services such as Amazon Prime, Hulu, Netflix, Apple TV+, Disney+, Max and Peacock, additional services have launched and more will likely launch in the near term, which may include sports-focused services that may compete with our networks for viewers and advertising revenue.” |
| Competitor | Walt Disney (DIS) | “In addition to existing DTC streaming services such as Amazon Prime, Hulu, Netflix, Apple TV+, Disney+, Max and Peacock, additional services have launched and more will likely launch in the near term, which may include sports-focused services that may compete with our networks for viewers and advertising revenue.” |
Quoted from the company's 10-K filed Feb 12, 2026.
SPHR customer concentration
In the period ended Jun 30, 2026, 3 direct customers each accounted for at least 10% (8%, 6%, 6%) of revenue, per the company's 10-Q filed Jul 30, 2026. The company does not name them.
SPHR analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-1.68 | $-1.07 | +56.8% | $270.9M | 4 |
| Next quarter (ends Dec 2026) | $0.21 | $0.37 | -42.3% | $375.9M | 3 |
| Current fiscal year (ends Dec 2026) | $-2.43 | $-2.06 | +18.2% | $1.35B | 3 |
| Next fiscal year (ends Dec 2027) | $-2.84 | $-2.11 | +34.4% | $1.35B | 3 |
SPHR options: expected move
Options price a move of about ±14.2% (±$15.85) by Nov 20, 2026, which includes earnings on Nov 5, 2026. Over the last 8 reports the stock moved ±9.1% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 63.2% | ±14.2% |
| Dec 18, 2026 | 56 | 56.0% | ±17.6% |
| Jan 15, 2027 | 84 | 53.3% | ±20.4% |
| Feb 19, 2027 | 119 | 55.1% | ±25.1% |
| May 21, 2027 | 210 | 56.3% | ±33.8% |
30-day implied volatility 62.6% vs 63.3% realized over the last 30 trading days. Put/call ratio (volume) 0.28. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:21 UTC)
| Price | USD 111.61 |
|---|---|
| Change | ▼ 2.16% (down) |
| Previous Close | USD 114.07 |
| Open | USD 111.81 |
| Day Range | USD 110.64 – 115.92 |
| 52-Week Range | USD 64 – 181.63 |
| Volume | 586,741 shares |
| Market Cap | $4.01B |
| Exchange | NYQ |
Technical Analysis (SPHR)
Nexqual's technical model rates SPHR "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:21 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 41.45 (neutral) |
| vs SMA50 | Below (USD 135.56) |
| MACD | -7.94 (negative) |
Analyst Ratings (SPHR)
Wall Street analysts rate SPHR "Buy" based on 13 analysts, with a mean price target of USD 163.62 (range USD 125–200), per Nexqual as of October 23, 2026 at 09:21 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 13 |
| Mean Target | USD 163.62 |
| High Target | USD 200 |
| Low Target | USD 125 |
| Buy / Hold / Sell | 11 / 2 / 0 |
Earnings (SPHR)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD -1.68 |
| Revenue Estimate | $270.92M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.62 vs est -1.4 ▲ beat |
| 2026-03-31 | USD 0.14 vs est -0.44 ▲ beat |
| 2025-12-31 | USD 1.55 vs est -0.19 ▲ beat |
| 2025-09-30 | USD -1.12 vs est -1.88 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Financials & Fundamentals (SPHR)
| Total Revenue | $1.36B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +11.00% |
| Gross Margin | +54.71% |
| Operating Margin | -19.55% |
| Profit Margin | -5.66% |
| ROE | -3.10% |
| Debt / Equity | 0.41 |
| Current Ratio | 1.22 |
| Total Cash | $550.97M |
| Total Debt | $913.31M |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Financial Health Score (SPHR)
Nexqual rates Sphere Entertainment Co.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:21 UTC.
| Growth | Strong — Revenue +113% YoY (annual) |
|---|---|
| Profitability | Mixed — Gross margin 55%, operating -20% (last 12 months) |
| Balance Sheet | Solid — $551M cash and investments vs $780M debt (Jun 2026, SEC) |
| Cash Flow | Solid — Operating cash flow $243M (FY ended Dec 2025, 10-K) |
| Efficiency | Critical — ROE -3%, ROA -1.3% |
Ownership (SPHR)
| Insider Ownership | +6.72% |
|---|---|
| Institutional Ownership | +136.27% |
| Shares Outstanding | 29.05M |
| Float | 24.70M |
| Short % of Float | +34.47% |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Leadership (SPHR)
Sphere Entertainment Co. is led by James Lawrence Dolan, Executive Chairman & CEO, per Nexqual as of October 23, 2026 at 09:21 UTC.
| Executive Chairman & CEO | James Lawrence Dolan |
|---|---|
| President & COO | Jennifer Koester |
| Executive VP, CFO & Treasurer | Robert Langer |
| Executive Vice President | David Granville-Smith |
| Executive VP & CTO | Felicia Yue |
Major Backers & Investors (SPHR)
Notable institutional backers of Sphere Entertainment Co. include Jericho Capital Asset Management, LP, Morgan Stanley, Ariel Investments, LLC, according to Nexqual as of October 23, 2026 at 09:21 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Jericho Capital Asset Management, LP | 8.97% |
| Morgan Stanley | 8.52% |
| Ariel Investments, LLC | 5.73% |
| Sands Capital Management, LLC | 4.68% |
| FMR, LLC | 3.34% |
| Ameriprise Financial, Inc. | 3.11% |
| Ariel Investment Trust-Ariel Fund | 1.62% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 14.05% |
| Vanguard Group | 9.3% |
| State Street | 3.72% |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
From Sphere Entertainment Co.'s Latest SEC 10-K Filing (filed 2026-02-12)
Key Strengths & Strategy (as disclosed to the SEC)
- The Company owns and has strategic investments in key technology component providers to Sphere and has a portfolio of over 60 patents in the U.S. spanning across areas including Sphere venue design, audio delivery, video capture and display, and 4D technologies, and continues to secure international patents to protect our innovations around the world.
- Since then, the Company has hosted high-profile events with premier brands including Delta Air Lines, Google and Lenovo.
- As an example, in January 2026, the Company announced Delta Air Lines as the Official Airline of Sphere, and as part of the multi-faceted partnership, the Delta SKY360° Club became Sphere's first branded hospitality space. •The Exosphere – The exterior of Sphere in Las Vegas, the Exosphere – the world's largest LED screen – is covered in 580,000 square feet of fully programmable LED paneling, consisting of approximately 1.2 million LED pucks, spaced eight inches apart.
- MSG Network and MSG Sportsnet had an average combined reach of approximately 2.9 million viewing subscribers (as of November 2025, the most recent available monthly information) in our Regional Territory, inclusive of annual and monthly subscribers to MSG+.
Partnerships
- Our business is subject to the general powers of federal, state and local government, as well as foreign governmental authorities, to deal with matters of health, public safety and operations.
Legal & Regulatory Risks (Item 1A, quoted)
- We are subject to extensive governmental regulation and changes in these regulations and our failure to comply with them may have a material negative effect on our business and results of operations.
- We face continually evolving cybersecurity and similar risks, which could result in loss, disclosure, theft, destruction or misappropriation of, or access to, our confidential information and cause disruption of our business, damage to our brands and reputation, legal exposure and financial losses.
- Our use of customer-facing artificial intelligence ("AI") technologies may expose us to legal, regulatory, intellectual property, and reputational risks, including the risk that AI outputs or the underlying AI tools infringe or are alleged to infringe third-party intellectual property rights, which could result in customer claims, regulatory scrutiny, litigation, or harm to our business and results of operations.
- We have in the past and may in the future become subject to infringement or other claims relating to our content or technology.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| LION | Lionsgate Studios Corp | USD 12.7 | ▲ 0.16% |
| MANU | Manchester | USD 20.78 | ▼ 0.38% |
| VSNT | Versant Media Group, Inc. | USD 32.29 | ▲ 3% |
| BATRA | Atlanta Braves Holdings, Inc. - | USD 54.69 | ▼ 0.78% |
| CNK | Cinemark Holdings Inc Cinemark | USD 39.61 | ▼ 0.78% |
| IMAX | Imax Corporation | USD 52.31 | ▼ 1.47% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:21 UTC. This page is informational and not investment advice.
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