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Mar 31
Sphere Entertainment Co Q1 2025 Earnings Report
Sphere Entertainment Co. reported lower revenues and a net loss in Q1 2025 as declines in both Sphere and MSG Networks segments offset gains in event-related revenues.
Key Takeaways
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.
Total revenue fell 13% to $280.6M, with declines in both Sphere and MSG Networks segments.
Adjusted operating income dropped 42% to $36.0M.
Event-related revenues rose $25.6M on more concerts and a major corporate event.
Net loss widened to $82.0M from $47.2M a year earlier.
Sphere Entertainment Co
Sphere Entertainment Co
Sphere Entertainment Co Revenue by Segment
Revenue by Segment
MSG Networks Revenue
CapyFin.com Forward Guidance
Management remains confident in growth opportunities for Sphere, focusing on strategic priorities and leveraging increased event activity.
Positive Outlook
- Positive adjusted operating income in Sphere segment despite revenue decline.
- Strong event pipeline with multiple high-profile residencies and corporate events.
- New multi-year marketing partnerships with Pepsi and Google.
- Expansion plans for a second Sphere in Abu Dhabi progressing.
- Increase in sponsorship and suite license fee revenues.
Challenges Ahead
- Overall revenue decline year-over-year.
- Net loss widened compared to prior year.
- MSG Networks revenue impacted by temporary non-carriage with Altice.
- Higher direct operating expenses in Sphere segment.
- Decrease in revenues from The Sphere Experience and Exosphere advertising.