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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
Sphere Entertainment reported revenue of $1.2B in the fiscal year ended Dec 2025, up 19.0% from the year before. Operating income was −$230M, an operating margin of −18.8%, and net income was $33M. Net debt was $323M.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 790 | 608 | 571 | 1,024 | 1,218 |
| Selling, general & admin | 424 | 682 | – | – | – |
| Operating income | −188 | −166 | −273 | −341 | −230 |
| Interest expense | 20.4 | 27.2 | 0.0 | 79.9 | – |
| Pre-tax income | −161 | −168 | 275 | −360 | 57.2 |
| Income tax | 38.9 | −29.8 | 103 | −136 | 23.8 |
| Net income | −148 | −194 | 503 | −201 | 33.4 |
| Diluted EPS | −4.59 | −5.77 | 14.40 | −5.68 | 0.74 |
| Diluted shares | 34.3 | 34.3 | 34.9 | 35.3 | 45.3 |
| Fiscal year | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,517 | 747 | 132 | 560 | 508 |
| Receivables | 185 | 188 | – | – | – |
| Inventory | 9.5 | 13.5 | 0.0 | 11.9 | 14.5 |
| Current assets | 1,873 | 1,219 | 624 | 866 | 810 |
| Net PP&E | 2,156 | 2,158 | 3,307 | 3,158 | 2,711 |
| Goodwill | 457 | 457 | 457 | 470 | 345 |
| Total assets | 5,290 | 5,522 | 4,973 | 4,788 | 4,210 |
| Payables | 26.6 | 2.0 | 39.7 | 18.9 | 24.6 |
| Deferred revenue | 210 | 4.3 | 27.3 | 80.4 | 193 |
| Current liabilities | 730 | 961 | 692 | 1,374 | 743 |
| Short-term debt | 54.0 | 66.0 | 82.5 | 849 | 63.0 |
| Long-term debt | 1,651 | 930 | 1,118 | 523 | 767 |
| Total liabilities | 2,972 | 3,363 | 2,389 | 2,372 | 1,977 |
| Shareholders' equity | 2,169 | 1,963 | 2,584 | 2,416 | 2,233 |
| Backlog (remaining obligations) | – | 638 | 86.8 | 115 | 402 |
| Fiscal year | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −58.7 | 141 | 154 | −19.7 | 243 |
| Capital expenditure | 456 | 757 | – | – | – |
| Free cash flow | −515 | −615 | – | – | – |
| Depreciation & amortisation | 122 | 125 | 103 | 256 | 336 |
| Stock-based compensation | 70.6 | 77.1 | 62.7 | 48.0 | 59.0 |
| Acquisitions | – | 0.0 | 0.0 | 9.4 | 0.0 |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 |
| Fiscal year | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −23.0% | −6.1% | 79.2% | 19.0% |
| EPS growth (YoY) | – | – | – | −139.4% | – |
| Operating margin | −23.8% | −27.3% | −47.8% | −33.3% | −18.8% |
| Net margin | −18.8% | −32.0% | 88.0% | −19.6% | 2.7% |
| Return on equityBlank when equity is negative | −6.8% | −9.9% | 19.5% | −8.3% | 1.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −4.1% | −3.6% | −6.4% | −10.0% | −6.6% |
| Free cash flow margin | −65.2% | −101.2% | – | – | – |
| Cash conversion (CFO ÷ net income) | 0.40x | −0.73x | 0.31x | 0.10x | 7.28x |
| Receivable days | 85 | 113 | – | – | – |
| Interest cover | −9.22x | −6.10x | – | −4.27x | – |
| Debt ÷ equity | 0.79x | 0.51x | 0.46x | 0.57x | 0.37x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 188 | 248 | 1,069 | 812 | 323 |
| Current ratio | 2.57x | 1.27x | 0.90x | 0.63x | 1.09x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.