Form 8-K

8-K — Sphere Entertainment Co.

Accession: 0001628280-26-050809

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0001795250

SIC: 7900 (SERVICES-AMUSEMENT & RECREATION SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — sphr-20260730.htm (Primary)

EX-99.1 (exhibit991sphereentertainm.htm)

GRAPHIC (sphere-logoxrgbxblack1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: sphr-20260730.htm · Sequence: 1

sphr-20260730

FALSE000179525000017952502026-07-302026-07-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 30, 2026

SPHERE ENTERTAINMENT CO.

(Exact Name of Registrant as Specified in Charter)

Nevada

001-39245

84-3755666

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

Two Pennsylvania Plaza,

New York,

New York

10121

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (725) 258-0001

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading

Symbol(s)

Name of Each Exchange

on Which Registered

Class A Common Stock

SPHR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2026, Sphere Entertainment Co. (the “Company”) announced its financial results for its second quarter ended June 30, 2026. A copy of the press release containing the announcement is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated July 30, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SPHERE ENTERTAINMENT CO.

(Registrant)

By: /s/ Robert H. Langer

Name: Robert H. Langer

Title: Executive Vice President, Chief Financial Officer and Treasurer

Dated: July 30, 2026

EX-99.1

Filename: exhibit991sphereentertainm.htm · Sequence: 2

Document

Exhibit 99.1

SPHERE ENTERTAINMENT CO. REPORTS

SECOND QUARTER 2026 RESULTS

NEW YORK, N.Y., July 30, 2026 - Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the second quarter ended June 30, 2026.

Recent highlights for the Company’s Sphere segment include:

•In May, the Company announced with the Department of Culture and Tourism – Abu Dhabi that Yas Island has been selected as the location for Sphere Abu Dhabi, with construction expected to be completed by the end of 2029;

•The Company remains in discussions with a significant number of markets globally regarding additional large and smaller-scale Sphere venues, while plans to bring Sphere to National Harbor also continue to move forward;

•The Company announced the production of a new Sphere Experience – The Rocky Horror Picture Show at Sphere – based on the 1975 film, which is expected to open in 2027;

•In mid-June, The Wizard of Oz at Sphere, the Sphere Experience that opened in Las Vegas on August 28, 2025, surpassed $400 million in ticket sales with over three million total tickets sold;

•In July, the Company and Formula 1 Las Vegas Grand Prix announced a new five-year agreement, extending their partnership through 2030.

For the three months ended June 30, 2026, the Company reported revenues of $313.6 million, an increase of $31.0 million, or 11%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $61.3 million, an increase of $11.1 million, or 22%, and adjusted operating income of $50.9 million, a decrease of $10.5 million, or 17%, both as compared to the prior year quarter.(1)

Executive Chairman and CEO James L. Dolan said, “Today’s results reflect our continued execution in Las Vegas, as we remain on track to deliver substantial growth this calendar year. We are also advancing our long-term vision for a global network of Sphere venues, including in Abu Dhabi and National Harbor.”

Segment Results for the Three and Six Months Ended June 30, 2026 and 2025:

(In millions) Three Months Ended Six Months Ended

June 30, Change June 30, Change

2026 2025 $ % 2026 2025 $ %

Revenues:

Sphere $ 226.4 $ 175.6 $ 50.8 29 % $ 492.3 $ 333.1 $ 159.2 48 %

MSG Networks 87.3 107.1 (19.8) (18) % 207.7 230.1 (22.4) (10) %

Total Revenues $ 313.6 $ 282.7 $ 31.0 11 % $ 700.1 $ 563.3 $ 136.8 24 %

Operating (Loss) Income:

Sphere

$ (69.6) $ (83.4) $ 13.9 17 % $ (94.5) $ (177.2) $ 82.8 47 %

MSG Networks

8.3 33.3 (25.0) (75) % 40.4 48.4 (8.0) (17) %

Total Operating Loss $ (61.3) $ (50.2) $ (11.1) (22) % $ (54.1) $ (128.8) $ 74.7 58 %

Adjusted Operating Income:(1)

Sphere $ 39.9 $ 24.9 $ 15.0 60 % $ 114.2 $ 38.1 $ 76.1 200 %

MSG Networks

11.0 36.5 (25.5) (70) % 46.7 59.3 (12.6) (21) %

Total Adjusted Operating Income

$ 50.9 $ 61.5 $ (10.5) (17) % $ 160.9 $ 97.4 $ 63.5 65 %

Note: Does not foot due to rounding.

(1)See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures.

Sphere

For the three months ended June 30, 2026, the Sphere segment reported revenues of $226.4 million, an increase of $50.8 million, or 29%, as compared to the prior year quarter.

Revenues related to The Sphere Experience increased $53.8 million as compared to the prior year quarter, which primarily reflected higher per-show revenue for The Wizard of Oz at Sphere. In the current year quarter, The Sphere Experience reflected 220 performances of The Wizard of Oz at Sphere as compared to 215 performances of Postcard from Earth and V-U2 An Immersive Concert Film in the prior year quarter.

Revenues from sponsorship, Exosphere advertising and suite license fees increased $10.5 million as compared to the prior year quarter due to higher Exosphere advertising revenues and, to a lesser extent, higher sponsorship revenues and suite license fee revenues.

Event-related revenues decreased $11.7 million as compared to the prior year quarter, primarily due to two fewer brand events held in the current year quarter, partially offset by higher revenues from concerts. The increase in revenues from concerts reflected the impact of six additional concert residency shows held at Sphere in Las Vegas during the current year quarter, offset by lower per-concert revenue due to the mix of concerts as compared to the prior year quarter.

For the three months ended June 30, 2026, the Sphere segment had direct operating expenses of $87.7 million, an increase of $11.4 million, or 15%, as compared to the prior year quarter. Expenses associated with The Sphere Experience increased $19.7 million as compared to the prior year quarter, primarily due to higher per-show expenses for The Wizard of Oz at Sphere. This increase was partially offset by a decrease in event-related expenses of $4.1 million as compared to the prior year quarter, primarily due to (i) two fewer brand events held in the current year quarter, partially offset by (ii) higher expenses from concerts, due to an increase in the number of concert residency shows held at Sphere in Las Vegas, partially offset by lower per-concert expenses.

For the three months ended June 30, 2026, selling, general and administrative expenses of $125.6 million increased $29.2 million, or 30%, as compared to the prior year quarter, primarily due to (i) the impact of mark-to-market adjustments on certain share-based compensation awards as a result of the appreciation in the Company’s stock price during the current year quarter, (ii) higher employee compensation and related benefits, (iii) higher professional fees, primarily due to an increase in litigation-related expenses associated with the merger of a subsidiary of the Company with MSG Networks Inc., partially offset by the absence of costs associated with pursuing a work-out of MSG Networks’ credit facilities in the prior year quarter.

For the three months ended June 30, 2026, operating loss of $69.6 million improved by $13.9 million, or 17%, as compared to the prior year quarter, primarily due to the increase in revenues and, to a lesser extent, the absence of impairment and other losses, net, partially offset by higher selling, general and administrative expenses and direct operating expenses. Adjusted operating income of $39.9 million increased $15.0 million, or 60%, as compared to the prior year quarter, primarily due to the increase in revenues, partially offset by higher selling, general and administrative expenses and direct operating expenses.

MSG Networks

For the three months ended June 30, 2026, the MSG Networks segment reported total revenues of $87.3 million, a decrease of $19.8 million, or 18%, as compared to the prior year quarter.

Distribution revenue decreased $13.7 million, primarily reflecting a decrease in total subscribers of approximately 16.5%.

Advertising revenue decreased $6.0 million as compared to the prior year quarter, primarily due to fewer live postseason professional sports telecasts.

For the three months ended June 30, 2026, direct operating expenses of $63.3 million increased $8.4 million, or 15%, as compared to the prior year quarter. Rights fees expense increased $9.2 million as compared to the prior year quarter, primarily reflecting (i) retroactive reductions in media rights fees for the 2024-25 NBA and NHL seasons recorded in the prior year quarter as a result of the amendments to MSG Networks’ media rights agreements with certain professional sports teams, partially offset by (ii) reductions resulting from fewer NBA and NHL games made available to MSG Networks for exclusive broadcast in the current year quarter. This increase was partially offset by other cost decreases.

For the three months ended June 30, 2026, selling, general and administrative expenses of $13.6 million decreased $3.0 million, or 18%, as compared to the prior year quarter. This decrease was primarily due to (i) lower employee compensation and related benefits of $1.9 million and (ii) lower advertising and marketing costs of $1.2 million.

For the three months ended June 30, 2026, operating income of $8.3 million decreased $25.0 million and adjusted operating income of $11.0 million decreased $25.5 million, both as compared to the prior year quarter, primarily due to the decrease in revenues and higher direct operating expenses, partially offset by lower selling, general and administrative expenses.

About Sphere Entertainment Co.

Sphere Entertainment Co. is a leader in immersive experiences, technology and media. The Company includes Sphere, an experiential medium powered by advanced technologies. The first Sphere opened in Las Vegas, with plans also announced for Sphere venues in Abu Dhabi and National Harbor. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as a direct-to-consumer and authenticated streaming product, MSG+, delivering a wide range of live sports content and other programming. More information is available at www.sphereentertainmentco.com.

Non-GAAP Financial Measures

We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) before (i) depreciation, amortization and impairments of property and equipment, goodwill and intangible assets, (ii) amortization for capitalized cloud computing arrangement costs, (iii) share-based compensation expense, (iv) restructuring charges or credits, (v) merger, debt work-out and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries, (vi) gains or losses on sales or dispositions of businesses and associated settlements, (vii) the impact of purchase accounting adjustments related to business acquisitions, and (viii) gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, debt work-out and acquisition-related costs, including merger related litigation expenses, net of insurance recoveries, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles (“GAAP”), gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan are recognized in operating income (loss) whereas gains and losses related to the remeasurement of the assets under the Company’s Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in other income (expense), net, which is not reflected in operating income (loss).

We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of our business segments and the Company on a consolidated basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this release.

Forward-Looking Statements

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

# # #

Contacts:

Ari Danes, CFA

Investor Relations

(212) 465-6072

Grace Kaminer

Investor Relations

(212) 631-5076

Conference Call Information:

The conference call will be Webcast live today at 10:00 a.m. ET at investor.sphereentertainmentco.com

Conference call dial-in number is 833-461-5787 / Conference ID Number 777582186

Webcast replay available at investor.sphereentertainmentco.com

SPHERE ENTERTAINMENT CO.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Revenues $ 313,639 $ 282,677 $ 700,051 $ 563,251

Operating expenses:

Direct operating expenses 151,063 131,318 320,710 289,641

Selling, general, and administrative expenses 139,207 113,023 260,910 227,292

Depreciation and amortization 84,308 83,907 168,675 168,136

Impairment and other losses, net — 3,641 79 4,162

Restructuring charges 323 947 3,737 2,788

Operating loss (61,262) (50,159) (54,060) (128,768)

Other income (expense):

Gain (loss) on extinguishment of debt — 346,092 (2,071) 346,092

Interest income 4,786 4,084 8,737 7,962

Interest expense (8,273) (25,862) (16,312) (52,068)

Other expense, net (504) (400) (1,928) (1,740)

(Loss) income from continuing operations before income taxes (65,253) 273,755 (65,634) 171,478

Income tax benefit (expense) 26,926 (121,939) 31,767 (101,616)

Net (loss) income (38,327) 151,816 (33,867) 69,862

Less: Net income attributable to participating securities

461 — 6,514 —

Net (loss) income attributable to Sphere Entertainment Co.’s stockholders $ (38,788) $ 151,816 $ (40,381) $ 69,862

Basic (loss) income per common share attributable to Sphere Entertainment Co.’s stockholders $ (1.07) $ 4.18 $ (1.12) $ 1.93

Diluted (loss) income per common share attributable to Sphere Entertainment Co.’s stockholders $ (1.07) $ 3.39 $ (1.12) $ 1.56

Weighted-average number of common shares outstanding:

Basic 36,150 36,283 36,015 36,196

Diluted 36,150 44,848 36,015 44,865

SPHERE ENTERTAINMENT CO.

ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO

ADJUSTED OPERATING INCOME (LOSS)

(In thousands)

(Unaudited)

The following is a description of the adjustments to operating loss in arriving at adjusted operating income as described in this earnings release:

•Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units, performance stock units and stock options granted under the Sphere Entertainment Employee Stock Plan, MSG Sports Employee Stock Plan, MSG Networks Employee Stock Plan, as amended and assumed by Sphere Entertainment, and Sphere Entertainment Non-Employee Director Plan.

•Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.

•Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain executives and employees.

•Impairment and other losses (gains), net. This adjustment eliminates non-cash impairment charges and the impact of gains or losses from the disposition of assets or businesses.

•Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries. This adjustment eliminates costs related to mergers, debt work-outs and acquisitions, including litigation expenses.

•Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.

•Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the Company's executive deferred compensation plan.

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Operating loss $ (61,262) $ (50,159) $ (54,060) $ (128,768)

Share-based compensation 17,722 18,850 31,632 40,445

Depreciation and amortization 84,308 83,907 168,675 168,136

Restructuring charges 323 947 3,737 2,788

Impairment and other losses, net — 3,641 79 4,162

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

8,206 2,482 8,293 7,273

Amortization for capitalized cloud computing arrangement costs 1,399 1,579 2,316 3,158

Remeasurement of deferred compensation plan liabilities 228 219 228 240

Adjusted operating income $ 50,924 $ 61,466 $ 160,900 $ 97,434

SPHERE ENTERTAINMENT CO.

SEGMENT RESULTS

(In thousands)

(Unaudited)

BUSINESS SEGMENT RESULTS

Three Months Ended June 30, 2026

Sphere MSG Networks Total

Revenues $ 226,353 $ 87,286 $ 313,639

Operating expenses:

Direct operating expenses 87,730 63,333 151,063

Selling, general and administrative expenses 125,590 13,617 139,207

Depreciation and amortization 82,286 2,022 84,308

Restructuring charges 323 — 323

Operating (loss) income $ (69,576) $ 8,314 $ (61,262)

Reconciliation to adjusted operating income:

Share-based compensation 17,043 679 17,722

Depreciation and amortization 82,286 2,022 84,308

Restructuring charges 323 — 323

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

8,206 — 8,206

Amortization for capitalized cloud computing arrangement costs 1,399 — 1,399

Remeasurement of deferred compensation plan liabilities 228 — 228

Adjusted operating income $ 39,909 $ 11,015 $ 50,924

Three Months Ended June 30, 2025

Sphere MSG Networks Total

Revenues $ 175,587 $ 107,090 $ 282,677

Operating expenses:

Direct operating expenses 76,351 54,967 131,318

Selling, general and administrative expenses 96,389 16,634 113,023

Depreciation and amortization 81,707 2,200 83,907

Impairment and other losses, net 3,641 — 3,641

Restructuring charges 947 — 947

Operating (loss) income $ (83,448) $ 33,289 $ (50,159)

Reconciliation to adjusted operating income:

Share-based compensation 17,953 897 18,850

Depreciation and amortization 81,707 2,200 83,907

Restructuring charges 947 — 947

Impairment and other losses, net 3,641 — 3,641

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

2,351 131 2,482

Amortization for capitalized cloud computing arrangement costs 1,579 — 1,579

Remeasurement of deferred compensation plan liabilities 219 — 219

Adjusted operating income $ 24,949 $ 36,517 $ 61,466

SPHERE ENTERTAINMENT CO.

SEGMENT RESULTS

(In thousands)

(Unaudited)

BUSINESS SEGMENT RESULTS

Six Months Ended June 30, 2026

Sphere MSG Networks Total

Revenues $ 492,318 $ 207,733 $ 700,051

Operating expenses:

Direct operating expenses 186,956 133,754 320,710

Selling, general and administrative expenses 232,186 28,724 260,910

Depreciation and amortization 164,560 4,115 168,675

Impairment and other losses, net 79 — 79

Restructuring charges 2,996 741 3,737

Operating (loss) income $ (94,459) $ 40,399 $ (54,060)

Reconciliation to adjusted operating income:

Share-based compensation 30,186 1,446 31,632

Depreciation and amortization 164,560 4,115 168,675

Restructuring charges 2,996 741 3,737

Impairment and other losses, net 79 — 79

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

8,293 — 8,293

Amortization for capitalized cloud computing arrangement costs 2,316 — 2,316

Remeasurement of deferred compensation plan liabilities 228 — 228

Adjusted operating income $ 114,199 $ 46,701 $ 160,900

Six Months Ended June 30, 2025

Sphere MSG Networks Total

Revenues $ 333,132 $ 230,119 $ 563,251

Operating expenses:

Direct operating expenses 146,887 142,754 289,641

Selling, general and administrative expenses 192,793 34,499 227,292

Depreciation and amortization 163,712 4,424 168,136

Impairment and other losses, net 4,162 — 4,162

Restructuring charges 2,788 — 2,788

Operating (loss) income $ (177,210) $ 48,442 $ (128,768)

Reconciliation to adjusted operating income:

Share-based compensation 37,907 2,538 40,445

Depreciation and amortization 163,712 4,424 168,136

Restructuring charges 2,788 — 2,788

Impairment and other losses, net 4,162 — 4,162

Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries

3,339 3,934 7,273

Amortization for capitalized cloud computing arrangement costs 3,158 — 3,158

Remeasurement of deferred compensation plan liabilities 240 — 240

Adjusted operating income $ 38,096 $ 59,338 $ 97,434

SPHERE ENTERTAINMENT CO.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

As of

June 30, December 31,

2026 2025

ASSETS

Current Assets:

Cash, cash equivalents, and restricted cash $ 552,019 $ 521,264

Accounts receivable, net 152,316 171,630

Related party receivables, current 12,802 24,457

Prepaid expenses and other current assets 66,906 92,824

Total current assets 784,043 810,175

Non-Current Assets:

Investments 37,309 38,725

Property and equipment, net 2,550,078 2,710,643

Right-of-use lease assets 96,500 91,372

Goodwill 344,772 344,772

Intangible assets, net 18,506 21,817

Other non-current assets 204,760 192,404

Total assets $ 4,035,968 $ 4,209,908

LIABILITIES AND EQUITY

Current Liabilities:

Accounts payable $ 13,880 $ 24,593

Accrued expenses and other current liabilities 391,507 431,477

Related party payables, current 4,234 14,301

Current portion of long-term debt, net 58,263 63,009

Operating lease liabilities, current 14,085 17,186

Deferred revenue 158,443 192,808

Total current liabilities 640,412 743,374

Non-Current Liabilities:

Long-term debt, net 722,142 767,439

Operating lease liabilities, non-current 118,816 113,824

Deferred tax liabilities, net 135,198 172,111

Other non-current liabilities 191,542 179,921

Total liabilities 1,808,110 1,976,669

Commitments and contingencies

Equity:

Class A Common Stock (a)

301 297

Class B Common Stock (b)

69 69

Additional paid-in capital 2,499,315 2,470,120

Treasury stock, at cost, 1,054 shares as of June 30, 2026 and December 31, 2025, respectively

(50,024) (50,024)

Accumulated deficit (220,308) (186,441)

Accumulated other comprehensive loss (1,495) (782)

Total stockholders’ equity 2,227,858 2,233,239

Total liabilities and equity $ 4,035,968 $ 4,209,908

_________________

(a) Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 29,046 and 28,629 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.

(b) Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued and outstanding as of June 30, 2026 and December 31, 2025.

SPHERE ENTERTAINMENT CO.

SELECTED CASH FLOW INFORMATION

(In thousands)

(Unaudited)

Six Months Ended

June 30,

2026 2025

Net cash provided by (used in) operating activities $ 102,583 $ (52,711)

Net cash (used in) provided by investing activities (19,627) 16,441

Net cash used in financing activities (52,128) (111,059)

Effect of exchange rates on cash, cash equivalents and restricted cash (73) 623

Net increase (decrease) in cash, cash equivalents, and restricted cash 30,755 (146,706)

Cash, cash equivalents, and restricted cash at beginning of period 521,264 515,633

Cash, cash equivalents, and restricted cash at end of period $ 552,019 $ 368,927

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SPHERE ENTERTAINMENT CO.

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Entity File Number

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Entity Tax Identification Number

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City Area Code

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Local Phone Number

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Area code of city

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No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

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Data Type:

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