Sphere Entertainment's Q3 2025 performance saw strong revenue growth led by the Sphere segment, including The Wizard of Oz launch. However, elevated costs, impairments, and restructuring led to a net loss, despite adjusted operating income turning positive.

Sphere Entertainment posted Q1 2025 revenue of $280.6M, down 13% year-over-year, with an operating loss of $78.6M and adjusted operating income of $36.0M. Net loss was $82.0M, or $2.27 per share, driven by decreased revenues in both Sphere and MSG Networks segments. Event-related revenues rose significantly due to more concerts and a large corporate event, partially offsetting declines in other areas.

Sphere Entertainment Co posted Q2 2025 revenue of $282.7M, with EPS of $3.39, turning profitable due to a $346M debt extinguishment gain at MSG Networks, while core operations still showed an operating loss.

Q4 revenue more than doubled year over year to $273.4M as Sphere Las Vegas drove results, but the company posted a GAAP net loss of $46.6M and operating loss of $71.4M. Adjusted operating income was $25.7M, reflecting higher revenues offset by elevated operating costs and depreciation.

Q3 revenue nearly doubled year over year to $321.3M, driven by Sphere Las Vegas, but the company posted a GAAP net loss of $47.2M. Adjusted operating income reached $61.5M, reflecting strong performance at Sphere and improved results at MSG Networks despite subscriber declines.

Q2 revenue nearly doubled year over year to $314.2M, driven by Sphere's first full quarter of operations, but the company recorded a GAAP net loss of $173.2M. Adjusted operating income reached $51.4M, reflecting strong Sphere segment revenue and continued profitability at MSG Networks.

Q1 revenue declined 4% year over year to $118.0M, reflecting lower MSG Networks revenue partially offset by Sphere’s opening in Las Vegas. The company posted GAAP net income of $66.4M due to a large income tax benefit, despite an operating loss of $69.8M. Adjusted operating loss was $57.9M, primarily from pre-opening costs and elevated expenses at Sphere.

In Q4 2023, Sphere Entertainment Co posted $129.1 million in revenue, down 8% year-over-year, with a net income of $536.8 million driven by gains from discontinued operations. Operating loss widened to $70.3 million, and adjusted operating loss increased to $59.8 million. The Sphere segment remained in a pre-revenue phase with minimal revenue, while MSG Networks experienced declines in both revenue and adjusted operating income.

Sphere Entertainment Co. delivered higher revenues in Q3 2023 driven by growth in the Entertainment segment, but recorded a net loss due to higher operating expenses and merger-related costs.

MSG Entertainment reported Q2 FY2023 revenue of $642.2 million, up 24% year-over-year, driven by strong performances in its Entertainment and Tao Group Hospitality segments. Operating income more than doubled, and adjusted operating income rose 63%, reflecting robust holiday season events and increased sponsorships.

Madison Square Garden Entertainment Corp. reported a 36% increase in revenue to $401.2 million and an improved operating loss of $44.8 million, reflecting robust demand and successful events.

MSG Entertainment reported a significant increase in revenue and operating income for the fiscal third quarter ended March 31, 2022. Revenues increased by $245.8 million compared to the prior year quarter, with operating income of $2.0 million and adjusted operating income of $46.5 million.

MSG Entertainment reported a revenue of $294.5 million, an increase of $124.0 million compared to the prior year quarter. The company reported an operating loss of $83.3 million and adjusted operating income of $10.3 million for the fiscal 2022 first quarter.

Madison Square Garden Entertainment Corp. reported revenues of $43.1 million, a decrease of $138.8 million compared to the prior year quarter, with an operating loss of $108.6 million and an adjusted operating loss of $69.4 million.

MSG Entertainment reported a 20% decrease in revenue to $199.9 million and an operating loss of $145.5 million, which includes $102.2 million in impairment charges related to Tao Group Hospitality, due to the COVID-19 pandemic and venue closures.