# Sphere Entertainment Co. (SPHR)

> Source: Nexqual · https://nexqual.com/SPHR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Sphere Entertainment Co. (SPHR), nexqual.com/SPHR" · informational, not investment advice.

**Price:** USD 111.61 (-2.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 114.07 · day 110.64–115.92 · 52w 64–181.63 · market cap $4.01B · NYQ

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Entertainment)
LION (Lionsgate Studios Corp) USD 12.7 +0.16% · MANU (Manchester) USD 20.78 -0.38% · VSNT (Versant Media Group, Inc.) USD 32.29 +3.00% · 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%

## More
Full page: https://nexqual.com/SPHR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SPHR's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1795250/000162828026007760/sphr-20251231.htm):

| 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 …" |
| 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 distrib…" |
| 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 s…" |
| 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 s…" |
| 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 s…" |
| 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 s…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Sphere | $225.9M | 72.0% | +29.0% | -$69.6M | -30.8% |
| MSG Networks | $87.3M | 27.8% | -18.5% | $8.3M | 9.5% |
| Total revenue | $313.6M | 100% | — | -$61.3M | -19.5% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 72% of total revenue.

## Customer concentration

Period ended 2026-06-30: 8%, 6%, 6% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.68 | $-1.07 | +56.8% | $270.9M | 4 |
| Next quarter (ends 2026-12-31) | $0.21 | $0.37 | -42.3% | $375.9M | 3 |
| Current fiscal year (ends 2026-12-31) | $-2.43 | $-2.06 | +18.2% | $1.35B | 3 |
| Next fiscal year (ends 2027-12-31) | $-2.84 | $-2.11 | +34.4% | $1.35B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±14.2%; last 8 reports averaged ±9.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 63.2% | ±14.2% |
| 2026-12-18 | 56 | 56.0% | ±17.6% |
| 2027-01-15 | 84 | 53.3% | ±20.4% |
| 2027-02-19 | 119 | 55.1% | ±25.1% |
| 2027-05-21 | 210 | 56.3% | ±33.8% |