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Mar 31, 2025
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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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